shares were among the best-performing technology stocks Tuesday, rising 10% after the computer reseller's third-quarter results handily beat analysts' projections.
Tech Data earned $23 million, or 40 cents a share, including restructuring charges. Excluding items, Tech Data earned $30.7 million, or 53 cents a share, topping Thomson First Call's average analyst forecast of 46 cents a share. Last year, the company earned $37.8 million, or 64 cents a share, in the third quarter. Tech Data's sales rose to $5.09 billion from $4.77 billion a year earlier, surpassing Wall Street's target of $4.95 billion. For the fourth quarter, Tech Data sees earnings, before items, of 63 cents to 69 cents a share, bracketing analysts' average projection of 66 cents. The company predicts sales of $5.3 billion to $5.45 billion, shy of analysts' forecast of $5.51 billion.
Tech Data also said its board expanded its share repurchase plan to up to $200 million. During the third quarter, the company bought back 1.5 million shares for $54.8 million, bringing its total shares repurchased during fiscal 2006 to 2.8 million shares at a value of $100 million. Tech Data shares were up $3.58 to $38.44.
rose 3% a day after announcing its flash memory joint venture with
. Merrill Lynch upgraded Micron Tuesday to buy from neutral, sending the chip company's shares up 42 cents to $14.62. Meanwhile,
partly rebounded from Monday's losses. The company, whose shares fell 17% Monday amid worries of competition from the Intel and Micron venture, recently saw its shares rise $2.55, or 5%, to $49.39.
fell 4% after the software company announced the purchase of privately held data-management software maker Requisite Technology. Click Commerce will pay about 800,000 shares and $1 million in cash. The deal will boost Click Commerce's cash and cash equivalents by more than $8.5 million, the company said. Click Commerce shares were down $1.09 to $26.76.
shares fell 2% upon news of the retirement of K.Y. Ho, the company's chairman, founder and prior CEO. Ho said he is leaving the 3-D graphics and digital media company to spend more time with his family. ATI named director James Fleck as its new nonexecutive chairman. ATI shares were trading down 39 cents to $16.41.
jumped 11% after Prudential Securities upgraded the Web content company to overweight from neutral, and raised its price target to $21 from $18. Akamai shares recently were trading at $18.95, up $1.90.
Other actively traded technology stocks Tuesday included
, down 16 cents to $28;
, up 30 cents to $17.36;
, down 6 cents to $12.38;
Sirius Satellite Radio
, down 3 cents to $7.10;
, up 3 cents to $18.38;
, down 8 cents to $42.19;
, down 45 cents to $17.51; Dell, up 2 cents to $30.06; and
, up 23 cents to $17.64.