BOSTON (TheStreet) -- Take-Two Interactive (TTWO) was one of several stocks trading below $10 and poised to move on above-average volume Friday after the video game maker surprised with a third-quarter profit and offered strong guidance for the fourth quarter.
Take-Two Interactive said it had fiscal third-quarter adjusted earnings of 28 cents a share on revenue of $354.1 million, compared to expectations the company would post a loss of 8 cents a share on sales of $298.1 million. Take-Two said it sold 6.9 million copies of Red Dead Redemption, its lone new release during the quarter.
Looking ahead, Take-Two said it now expects a fourth-quarter profit of 20 cents to 30 cents, compared with its prior guidance for a loss of 10 cents to 20 cents a share. Take-Two also now expects revenue of $270 million to $320 million, up from its previous guidance range of $200 million to $250 million. The Thomson Reuters average estimate is for a fourth-quarter loss of 12 cents a share on revenue of $238.9 million.
Shares of Take-Two Interactive jumped by $1.10, or 12.4%, to $9.95 in the premarket session. The average daily share volume for Take-Two is 1.74 million.Elsewhere, Avanir Pharmaceuticals (AVNR) fell by 12 cents, or 4.1%, to $2.80 in the premarket session after the company filed for a mixed shelf offering for up to $75 million. The average daily share volume for Avanir is 1.17 million. SeaChange International (SEAC) slumped by 68 cents, or 8%, to $7.86 in the premarket session after the digital video systems company reported second-quarter adjusted earnings of 10 cents a share on revenue of $51.6 million, coming in below the consensus estimate for earnings of 13 cents a share and revenue of $54 million.. Looking ahead, SeaChange said it now expects third-quarter earnings of 7 cents to 10 cents a share, below the Thomson Reuters average estimate for earnings of 17 cents a share. The average daily share volume for SeaChange is 169,000. On the upside, Satyam Computer Services (SAY) rose by 38 cents, or 8.1%, to $5.10 in the premarket session on reports the company won a services deal from a large health insurer. That news sent shares trading in India sharply higher. The average daily share volume for Satyam Computer is 723,000. -- Written by Robert Holmes in Boston.
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