Shares of Overhill Farms (OFI) surged after the frozen-food maker announced it will sell its products to a "major national food brand" under a three-year contract, sales for which are estimated at roughly $43 million in the first year. Production began earlier this month. The Vernon, Calif., company's stock was trading a dollar higher, at $4.
Trident Microsystems (TRID) was upgraded to overweight from neutral by Prudential after the semiconductor company said sales soared 73% from a year ago to $70.2 million in the quarter ended Dec. 31, topping Thomson Financial's estimates by roughly $1 million. The results were called preliminary; the Sunnyvale, Calif.-based company is calculating its restatements due to recently discovered stock-option backdating, which should reflect noncash charges of between $40 million and $50 million from 1994 through 2006.
Nasdaq has given Trident until April 2 to file its tardy financials, which were held up by the prior stock-option grant probe and had triggered two delisting warnings. Trident has asked for a longer extension. Shares were adding $2.53, or 13.9%, to $20.80.
Paper-products maker Rock-Tenn (RKT - Get Report) swung to a profit of $15.1 million, or 39 cents a share, in the fiscal first quarter ended Dec. 31; year-ago losses had totaled $9 million, or 25 cents a share. Revenue was up 8.9% to $533.9 million. The Georgia-based outfit was gaining $3.12, or 10.9%, to $31.83.