plunged $5.54, or 11.9%, to $40.90 after the GPS-systems based navigation devices maker
first-quarter earnings targets amid what it said is a slowdown in the global economy. Garmin reported net income of $147.8 million vs. $139.9 million a year ago. Excluding items, profit was up to 69 cents a share from 59 cents the year before but fell short of analysts' estimates of 75 cents a share. Revenue for the first quarter jumped 35% to $664 million but was down 45.6% sequentially and came in lower than Wall Street's estimates of $705 million.
said Tuesday post-close that it swung to a profit of $1.7 million, or 2 cents a share, vs. a loss of $9.3 million, or 10 cents a share, in the year-ago quarter. Higher sales and collaboration gains helped push revenue to $60.4 million, from $22.8 million in the 2007 period.
Analysts, on average, had expected a loss of 5 cents a share on revenue of $55.7 million. Shares were up $7.6% to $36.33.
Shares of Minneapolis casual dining entity
Buffalo Wild Wings
soared 22% to $31.55. The company announced in-line earnings per share of 36 cents, vs. 31 cents a year ago. The EPS figure included a 2-cent charge related to restaurant relocations. The company also guided for a 25% increase in net income for 2008. KeyBanc Capital Markets and Cowen both upgraded the stock to buy and outperform ratings, respectively.
Communications headset maker
gained $3.65, or 17.2%, to $24.93 after it posted
due to "healthy demand" from international markets. Plantronics posted profit of $17.8 million vs. $10.1 million a year ago. Excluding items, EPS was 43 cents a share. Revenue rose 7% to $208.7 million. Analysts were expecting earnings of 27 cents a share on revenue of $198.4 million.
Meanwhile, investors drove
up 13% to $2.76, as the company
awaits an FDA decision
-- expected on or before Thursday -- on its Surfaxin as a treatment for premature infants suffering from respiratory distress. Manufacturing and quality control issues have stymied two previous stabs at approval.
Computer systems maker
shot up 21% to $9.83. The Hillsboro, Ore.-based firm announced non-GAAP first-quarter income of $57,000, or breakeven a share, for the first quarter, vs. a profit of $702,000, or 3 cents a share, a year ago. Analysts polled by Thomson Financial were looking for a per-share loss of a penny. The company also forecast non-GAAP second-quarter EPS between 6 cents and 11 cents. The Street is looking for earnings at the low end of that range.
This article was written by a staff member of TheStreet.com.