Wednesday's Tech Winners & Losers
Shares of ADC Telecommunications (ADCT) slid 8% after the telecom equipment maker posted strong third-quarter results but cut its full-year revenue estimate. For the period ended July 28, the company posted earnings from continuing operations of $23.2 million, or 20 cents a share. Excluding items, ADC earned $36.5 million, or 30 cents a share, topping analysts' forecast by 4 cents. Revenue totaled $343.6 million, compared with analysts' forecast of $332.8 million. In the year-earlier quarter, the company had earnings from continuing operations of $37.5 million, or 30 cents a share, on revenue of $307 million.
ADC now sees full-year revenue of $1.27 billion o $1.29 billion, lower than its previous outlook of $1.28 billion to $1.3 billion. The company sees earnings, excluding items, of 88 cents to 93 cents a share. Analysts project earnings of 90 cents a share on revenue of $1.3 billion. Shares were down $1.11 to $13.64.
VA Software (LNUX) tumbled 16% after the software company posted in-line fourth-quarter earnings with weaker-than-expected sales. For the period ended July 31, the company earned $696,000, or a penny a share, on revenue of $10.5 million. Analysts expected earnings of a penny a share on revenue of $10.7 million. During the year-earlier quarter, the company recorded a loss of $1 million, or 2 cents a share, on revenue of $7.8 million. Shares were trading down 72 cents to $3.81.
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