Friday's Tech Winners & Losers
Esterline Technologies (ESL) rose 4.9% after the supplier of aerospace products posted second-quarter results that topped Wall Street's expectations. The company earned $19.8 million, or 76 cents a share, on revenue of $312.3 million. Analysts expected earnings of 65 cents a share on revenue of $289.4 million.
Looking ahead, Esterline now sees full-year earnings of $2.50 to $2.60 a share. Previously, the company said that it would earn $2.45 to $2.60 a share. Analysts project earnings of $2.58 a share. Shares closed up $2.23 to $47.73.
Finally, Harris (HRS) slid 2.5% after the information technology concern agreed to buy privately held Multimax for $400 million in cash. The acquisition is expected to add about 8 cents a share to Harris' 2008 earnings. The deal is expected to close before the end of June.
In addition to the acquisition, Harris lowered its 2007 earnings guidance, citing schedule and cost overruns on a fixed-price satellite program. The company now sees adjusted earnings falling to the low end of the company's previous earnings range of $2.77 to $2.81 a share. Analysts project earnings of $2.80 a share. Shares closed down $1.25 to $48.67.As for the broader technology sector, the Nasdaq 100 was up only slightly, by 0.07 points, to 1928.26.
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