shares rose to as high as 110 1/4 in after-hours trading, according to
, but then fell to as low as 99 following a solid second-quarter earnings report. The online auctioneer earned 4 cents a share, excluding charges, in line with the 15-analyst
estimate and above the year-ago 2 cents. The company also said that since last quarter, its registered users jumped 46% to 5.6 million.
In other postclose news (earnings estimates from First Call; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
met analyst estimates as it reported a net loss of $41.9 million, or 61 cents a share, for the second quarter, compared to $8.9 million, or $1.11 a share, one year earlier. The Santa Clara, Calif.-based provider of high-speed data services grew revenue to $10.8 million, up sharply from $809,000 one year earlier.
After slipping 3 5/8 to 52 5/8 during the day, the stock traded slightly higher at 53 after hours, according to
. It has fallen 21% from 67 1/2 on July 15 as investors worry about growth prospects for Covad and its sector.
"I'm pleased with our success to date, and yet in the same breath I would say there's a lot of work to do," said Bob Knowling, CEO of Covad.
That includes jostling for space on rivals' networks. Covad added $1.4 million to its anticipated expenses for the quarter because of sharply increased payments to
for using the Baby Bell's central offices, according to Knowling. Karen Maguire, a network director with Bell Atlantic, said that overall, Bell Atlantic's charges to companies that use its central office space have gone down recently. She could not comment specifically on Covad.
Separately, Covad filed an antitrust suit against Bell Atlantic in federal court this spring. Bell Atlantic will compete with Covad as it deploys its own DSL services. The case is pending. Knowling, himself an alumnus of Baby Bells
U S West
, said a ruling is likely by year-end.
posted second-quarter earnings of 68 cents a share, including special items. The three-analyst outlook called for operating earnings of 72 cents vs. the year-ago 38 cents.
Clear Channel Communications
reported second-quarter earnings of 33 cents a share vs. the year-ago 11 cents. The company said it earned 57 cents a diluted share in after-tax cash flow. The six-analyst estimate called for earnings of 4 cents.
reported second-quarter earnings of 16 cents a share, 4 cents ahead of the lone analyst's expectation and up from the year-ago 8 cents. The company, whose same-store sales jumped 30.9%, also agreed to acquire 60% of
, its licensee for wholesale and retail operations in Canada.
Integrated Silicon Solution
reported a third-quarter loss of 5 cents a share, including a charge and an extraordinary gain, compared with the year-ago loss of 61 cents. The company provided no per-share operating figures.
posted a second-quarter loss of 25 cents a share, including a gain on the sale of a subsidiary and a charge for the resizing of its European computer hardware sales group. The three-analyst forecast called for an operating loss of 27 cents vs. the year-ago loss of 60 cents.
reported second-quarter earnings of 23 cents a share, 2 cents better than the three-analyst estimate and up from the year-ago 17 cents. The company also set a 2-for-1 stock split. And CFO Vic Veigas resigned, effective Aug. 1, to join a startup.
recorded second-quarter earnings of 24 cents a share, a penny above the three-analyst view and ahead of the year-ago 16 cents. The company also added CEO to President Lawrence C. Day's title.
In other earnings news:
Mergers, acquisitions and joint ventures
agreed to acquire two fabricated aluminum businesses from
for $248 million.
Offerings and stock actions
suspended its share buyback program. The company, which has bought back 170,000 of the 500,000 shares approved for repurchase in October, said it might resume the program some other time.
said it would continue to reduce crude runs at its Washington state refinery through the end of the third quarter, citing the partially downed Olympic pipeline.
Southern Energy Homes
announced plans to close its Albemarle, N.C., plant and take a related third-quarter charge of $3.7 million to $4.3 million.
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Corrections and Clarifications.