Updated from 7:43 p.m. EDT
was in the
ECN spotlight tonight, and the song it sang was a hit with investors. The ditty went a little something like this:
Third-quarter sales were the highest ever, at $891 million, up 67%, based on the accelerated growth of Internet and broadband communications networks. The strongest growth was seen in broadband connectivity sales, which gained 120%.
The Minnesota-based company belted out earnings of 17 cents a share, split-adjusted after the company's 2-for-1 stock split, and beating the 15-cent analyst consensus estimate.
ADC also was named one of the "10 Great Places to Work in Minnesota" in the August 2000 edition of
magazine. All this
its stock was up 2.90 to 47.25.
Data-storage system maker
Advanced Digital Information
was singing the blues after posting third-quarter posted profits that disappointed Wall Street. The Redmond, Wash.-based company was expected to make 14 cents per share, but due to a plunge in large sales and service contracts, the company posted net profits of $4.9 million, or 9 cents a share, compared with $4.5 million, or 11 cents, a year ago. That excluded $14.3 million in gains from selling its stake in
, which would otherwise have plumped up earnings to 27 cents per share.
While sales of data-storage tape libraries grew 50%, the company was confounded by the 44% drop in large library sales. It blamed that drop on a soft European economy and lingering Year 2000 effects.
New orders were coming in, said the company, as it guided sales expectations for the fourth and first quarters 20% higher. That didn't save it from dropping 3.60 to 10.76.
More breakthrough genomics news!
Genomics is the identification and characterization of genes, used to find cures for life-threatening diseases. Lately, genomics research has been making strides in cancer research and today
Genzyme Molecular Oncology
surged 70% after announcing a promising discovery. The company said it was backing a project that identified genes that could lead to new cancer treatments. The company also cited new research that suggests an experimental way of fighting cancer by cutting off blood supply to the tumor.
The shares popped another 1.74, or 13%, to 14.78 on 680,000 Island shares.
rallied 128% yesterday, tacked on another 50% last night and raced 46% higher today on yesterday's stellar third-quarter results and a lucrative new customer.
The stock, which is covered by only one analyst, went from relative obscurity to screaming popularity overnight, and we all know what happens next from watching
rockumentaries. The hype ebbs and there is nowhere to go but down. The shares gave up 43 cents, or 3%, dropping to 14.18 after two dizzying days of gains.
While everyone loves their pets, no one seems to love
You never beat a dog while its down, but stocks are another thing. Apparently, the company, which has yet to post a profit, spent too much money on marketing and advertising, including pricey Super Bowl ads, which only deepened its loss picture.
The struggling online pet store was first struck by
Henry Blodget, who downgraded IPET along with 10 other Internet stocks earlier this month. Pets.com lost roughly half of its value after the downgrade and edged another 4% lower in early postclose trading before someone mercifully lifted the company 24 cents or 37% higher to 90 cents.
First, maker of test and measurement equipment
lowered third-quarter earnings expectations, then it beat them. Due to component shortages in an overheated demand scenario, the company guided consensus estimates from 35 cents to between 18 and 22.
Big A reported earnings per share of 33 cents, below original estimates but far above reduced expectations of 20 cents. It saw big gains of 9.25 or 19% to 55.75 on almost 300,000 Instinet shares.
This information is provided by Instinet, a wholly owned subsidiary of Reuters (RTRSY) . For further information, please contact Instinet at www.instinet.com.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 7 a.m. to 8 p.m. EDT.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.