This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Polycom: After-Hours Trading

Stocks in this article: PLCM IGT

NEW YORK ( TheStreet) -- Shares of Polycom (PLCM) jumped in extended trades on Thursday after the Pleasanton, Calif.-based maker of video conferencing and other communications products topped Wall Street's profit view for the latest quarter.

The company posted an adjusted profit of $43 million, or 48 cents a share, for its fiscal first quarter ended March 31 on revenue of $344 million, up from year-ago equivalent earnings of $25 million, or 29 cents a share, on revenue of $276 million, and ahead of the average estimate of analysts polled by Thomson Reuters for earnings of 42 cents a share on revenue of $337.8 million.



The stock was last quoted at $56.47, up 9%, on after-hours volume of around 112,000, according to Nasdaq.com. Based on a regular-session close at $51.90, the share were already up 56% in the past year, hitting a 52-week high of $52.50 on April 1.

"Driven by record revenues, strong gross margins, and operating cost management, Polycom's operating income grew both sequentially and year-over-year in the first quarter," said Michael Kourey, the company's chief financial officer, in a statement. "This is especially noteworthy given typical first quarter seasonality, as these results illustrate the demand for Polycom's UC solution and the margin growth opportunity for our business."

The company also noted its positive operating cash flow of $46 million in the first quarter was its best ever, and that, as of March 31, it had $539 million in cash and investments and no debt.

Analyst sentiment was mixed ahead of the report. Of the 17 analysts covering the shares, nine rate it at either strong buy (6) or buy (3), while the remaining eight are at hold. Wall Street's median 12-month price target on the stock sits at $50.

International Game Technology (IGT) was another standout in after-hours trades after the Las Vegas maker of gaming machines reported an above-consensus profit for its fiscal second quarter and lifted its outlook for the year.

The shares jumped 10% to $17.90 on after-hours volume of more than 250,000 after the company reported earnings from continuing operations of $70 million, or 23 cents a share, for the March-ended quarter, 3 cents ahead of the average estimate of analysts polled by Thomson Reuters.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs