Network Equipment Technologies
shares tumbled 7% in after-hours trading Wednesday after the company cut its fiscal third-quarter revenue forecast and projected a loss for the period.
The telecom-equipment maker expects to report third-quarter revenue of $16 million to $16.5 million and a loss of 25 cents to 30 cents a share. In October, the company predicted revenue of $19 million to $23 million. Network Equipment attributed the shortfall to holdups in federal programs and a delay in approval for the 2006 federal defense budget. Also, the company said it hasn't yet seen a ramp-up of sales to enterprise customers. Shares fell 7.4% to $4.15 in after-hours trading.
Teenage clothing retailer
posted an 11.4% rise in December same-store sales, while total sales increased 32.7% to $236.8 million. The New York-based company attributed the growth to its holiday merchandise assortment and "creative" promotions. Aeropostale raised its fourth-quarter earnings forecast to 71 cents to 73 cents a share from its previously issued guidance of 55 cents to 61 cents a share. Aeropostale shares rose $1.50 to $29.20 in after-hours trading. Shares of fellow teen-clothing retailer
surged 8.3% to $24.68 after the company posted a 9.8% same-store sales rise.
said in a 8-K filing that it signed a two-year supply agreement with Pacesetter, a
St. Jude Medical
unit. Under the agreement, NVE will supply St. Jude with spintronic sensors for use in medical devices. NVE shares shot up 11%, or $1.74, to $17.15 in after-hours trading.
said its fourth-quarter revenue is expected to be significantly above its prior forecasts. The company now estimates revenue of $37 million, compared with its earlier guidance of $32 million. As a result, the wireless products company expects its bottom-line results to be better than its guidance for a loss of $2.9 million, or 12 cents a share. Sierra Wireless gained 85 cents, or 7.4%, to $12.41 in late trading.
Roanoke Electric Steel
shares rose 4% in after-hours trading after the steel manufacturing company reported 10% growth in fourth-quarter earnings. The company's profit for the quarter ended Oct. 31 rose to $17.5 million, or $1.55 a share, from $15.9 million, or $1.44 a share, a year ago. Sales rose to $141 million from $139.1 million a year earlier. The stock rose $1.01 to $25 after hours.
China Transport Telecommunications
said they have made significant progress in developing mobile streaming applications in China based on On2's TrueMotion VP7 Technology. CTTnet has begun the process of having the VP7 mobile technology approved for use by Chinese mobile carriers, and initial response from the carriers has been positive, On2 said. The company's shares jumped 5.8% in after-hours trading to $1.47.
Medical device company
said its fourth-quarter sales missed internal forecasts. The Minneapolis-based company said sales for the fourth-quarter were $8.85 million, up 32% over the year-earlier period. However, results were short of the $9.2 million to $9.5 million the company had forecast in October.