Wednesday's Winners & Losers: Broadcom
Broadcom (BRCM) rose $3.84, or 16.3%, to $27.39 after the company delivered strong sales outlook for the current quarter due to better-than-expected demand for cable set-top box and broadband modem chips.
Microsoft CEO Steve Ballmer also reportedly said Thursday that his company was willing to walk away from the deal if both sides cannot agree on the price.
Networking company Level 3 Communications (LVLT) jumped 54 cents, or 22.8%, to $2.91 after it reported smaller-than-expected first-quarter loss and said its revenue increased because of the growing demand for Internet-based video leading to greater usage of its network services.Meanwhile, Green Bankshares (GRNB) climbed 21.9% to $19.35 on first-quarter earnings. The Greeneville, Tenn.-based holding company for GreenBank posted first-quarter income of $7.2 million, or 56 cents a share, vs. $5.6 million, or 57 cents a share, a year ago. Analysts were looking for 47 cents a share. Stifel Nicolaus upgraded the stock to buy from hold. On the losing side, Rimage (RIMG) lost 24.4% to $17.70 on an earnings miss. For the first quarter, the Minneapolis maker of digital publishing and duplication systems said it made $1.8 million, or 18 cents a share, vs. $2.1 million, or 20 cents a share, in the year-ago period. Two analysts surveyed by Thomson Financial were expecting EPS of 26 cents.
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