Tech Winners & Losers: Juniper
Tech stocks were mostly up Friday, along with the major market indices, as investors found better-than-expected economic data on home sales and consumer confidence.
Shares of Juniper Networks (JNPR) rose $3.62, or 16%, to $26.19 after it beat expectations for its second quarter. Juniper reported net income of $120.4 million, or 23 cents a share, up from $86.1 million, or 16 cents a share, a year ago. Excluding charges, the company reported EPS of 28 cents. Revenue rose 32% to $879 million. Analysts were looking for a profit of 27 cents a share and revenue of $852.2 million.
Juniper also said it has hired head of Microsoft's (MSFT) Windows and online services business, Kevin Johnson, to be the company's new CEO. Analysts at Citigroup and Friedman, Billings, Ramsey raised their rating on the stock following the earnings report.
Riverbed Technology (RVBD) was up $1.81, or 11.6%, to $17.39 after it reported better-than-expected second quarter results. EPS, excluding items, was 13 cents, compared with 16 cents a year ago but higher than analysts' estimates of 11 cents. Revenue rose 51% to $81.6 million and beat Street expectations of $77 million.Chip maker Microsemi (MSCC) gained $1.08, or 4.4%, to $25.30 following its third-quarter earnings report. Excluding items, EPS was 34 cents, in line with analysts' expectations. Revenue rose 13.8% to $129.3 million in the quarter and was ahead of consensus estimates of $128.8 million. Avid Tech (AVID) gained $1.81, or 9.2%, to $21.50 after it beat analysts' expectations for the second quarter. Revenue rose to $222.9 million from $225.3 million a year ago and was higher than consensus estimates of $211 million. The company reported a loss of $10.4 million, or 28 cents a share, compared with a loss of $6 million, or 15 cents a share, a year ago. Excluding these items, it posted break-even EPS. Analysts were expecting a loss of 10 cents a share.
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