Tonight's after-hours session gave a few of today's tech victims a chance to recover.
On the back of a stronger-than-expected fourth-quarter earnings report,
gained back $1.72, or 9.8%, to $19.25 on
, having dropped 6.8% during the regular session.
After the closing bell, the telecommunications equipment maker posted a profit of 18 cents a share, beating the
First Call/Thomson Financial
estimate of 17 cents a share and improving upon the year-ago result of 10 cents a share. Revenue for the quarter rose 63%, to $1.03 billion, from $634.1 million last year.
ADC reiterated its long-term financial guidance, but said that sequential growth in the first quarter of 2001 would be slower than it was in the fourth quarter. The company expects first-quarter profits to be 12 cents a share, compared with analysts' expectations of 13 cents a share.
Elsewhere, Internet consulting firm
edged up 13 cents, or 11.8%, to $1.19 on
. News that the company would be dropped from the
S&P MidCap 400
sent its stock down 39.3% today.
This evening, the company announced plans for a new business strategy and lowered its fourth-quarter earnings expectations. MarchFirst expects to take a loss for the fourth quarter of 25 to 30 cents a share and will also take a one-time charge of $25 million to $35 million in the fourth quarter to cover severance payments and restructuring costs.
New Era of Networks'
statement that its board of directors has reauthorized a stock buyback of up to 2 million shares boosted its stock 38 cents, or 7%, to $5.75 on Island, and lifted it 42 cents, or 7.8%, to $5.80 on Instinet. The tech stock finished down 23.2%, hitting a 52-week low at one point during the day.
Proceeds from the software firm's buyback will be used for incentive stock programs or other purposes, the company said. New Era shares plunged more than 50% last Tuesday amid concerns about the company's sales.
Despite tonight's modest achievements, not every injured tech company managed to heal its wounds tonight.
Shares of communications chipmaker
, which tumbled 12.8% today, lost an additional 39 cents, or 0.5%, to $84.67 tonight on Island.
Yesterday, Broadcom was hit by the wave of downgrades on semiconductor companies.
Salomon Smith Barney
lowered its 12-month price target on the communications chipmaker, citing "signs of flattening orders in Broadcom's supply chain and inventory concerns in the digital cable sector."
In postclose action, Broadcom's CEO said that the company's acquisition of privately held
would weaken earnings slightly in the first half of fiscal 2001, but strengthen earnings by the third quarter of next year.
Fellow semiconductor stock
dropped $2.50, or 13.5%, to $16 on Instinet tonight, after a weaker-than-expected earnings report. The manufacturer of chip equipment posted a fourth-quarter profit of 89 cents a share, below Wall Street's forecast of a 95-cent-a-share result but above the year-ago 18-cent-a-share result.
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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.