(Updated from 7:23 p.m. EDT)
You might remember this shy little stock from the nights it spent loitering on the top of
But for those of you that have missed it, here is a hint ... it rhymes with a lard-based baking product. While Crisco may conjure smiles with the cookies it makes,
spread relief through the tech sector with happy earnings. Nasdaq junkies exhaled collectively as the computer networking giant beat consensus estimates by a penny, plopping 16 shiny ones on the table, right in line with whisper numbers. Fresh-baked smiles proliferated as Cisco rose 1.991, or 38%, to 67.99 on 1.48 million Island shares. It gained 2.32 to 67.82 on Instinet.
But why should Cisco's fiscal fourth quarter be different than any other, when the bellwether boasts a record of never disappointing Wall Street? Tonight's stellar performance was due to strong sales to Internet service provider, cable and telephone companies. The company's strong performance in the enterprise market, or helping corporations build networks, also helped propel its growth.
Despite its pristine track record investors were wary going into tonight's results, pressuring twisted Cisco down 1% before results. For more on Cisco's earnings check out
But there may be trouble in earnings paradise. Cisco's senior vice president, Don Listwin, announced his resignation tonight.
Robust news from Cisco set off a chain reaction of gains in the networking sector. The Internet traffic business is teaming with healthy demand for equipment routers and competitor
is bound to benefit from the boom. The competitor was the second most-active on Island, rallying in concert to the tune of 7.43, or 4.6%, to 166.37.
, along with soon-to-be-subsidiary
, also held front-row seats at the concert. As part of the networking gang, they just sat back and enjoyed the bullish overflow. JDS rose 1.87 to 121.75, while SDL jumped 6.12 to 367.87.
Elsewhere in the sector,
moved up 6.85, or 5%, to 139.50.
During this Cisco-centric session,
reported that its second-quarter losses widened even while subscriber growth jumped 365%.
The wireless telephone company, currently being acquired by Germany's
, attributed the loss of $2.16 a share to the cost of building its wireless network and expanding its customer base. Total revenue rose to $453.6 million, from $109.1 million a year ago.
Analysts, however, expected a loss of only $1.62, narrowing from last year's loss of $1.39 a share. Downside reaction was muted, with the wireless company dropping only 2, or 1.6%, to 120.25.
Electronic design automation software maker
fell under the weight of a sell recommendation by Michael Murphy, a fund manager and writer of the
California Technology Stock Letter
. It dropped 5.37, or 15.8%, to 28.62, hitting a new 52-week low since the company dipped to 28.87 Aug. 1.
Fiber channel router maker
began its recovery tonight after slicing off a further 20% of its value today following yesterday's announcement of a class-action lawsuit against it. While these types of legal woes are common and don't typically weigh too heavily on share prices, the Austin, Texas-based firm was already in the doldrums after dropping more than 50% July 27 on warnings that third-quarter revenue would come in well below expectations.
Postclose bargain-hunters were kind to the company, lifting its shares 18 cents, or 2%, to 8.81.
Forget New York, Paris and Milan. Everyone knows that Ohio is the center of the fashion universe. And today, Ohio-based clothing retailer
Abercrombie & Fitch
posted better-than-expected second-quarter earnings that reflected a 16% climb in year-over-year sales.
Second-quarter profits were $21.2 million, or 21 cents a share, compared with 17 cents a year ago and above consensus estimates of 19 cents. The company also said it expects to meet analysts' estimates for the rest of the fiscal year.
Despite this well-tailored picture, shares fell 93 cents, or 4.5%, to 19.75 in after-hours trading. The reason could be the same problem that plagued
just last week. Same-store sales fell 6%, which translates into more bad news for a stumbling retail apparel sector.
Second quarter didn't go very well for GOJO, which certainly did go ... down.
reported results after the bell that sent the company 1.18, or 17.5%, lower to 5.56.
Second-quarter revenues for the software maker were $1.8 million compared to about $707,000 last year. The net loss was also $1.8 million vs. a loss of $2 million last year. This all translates into a 12-cent hole, which is just over half the 22-cent loss recorded last year. While the stock is not covered by any analysts, the clearest yardstick to measure the performance is the sour reaction that followed.
Telecommunications equipment maker
spiked 1.93, or 11.7%, to 18.50, apparently after a Trading Diary entry by James Cramer on
site mentioned the stock. After-hours message boards buzzed about the comments.
"Cisco is confirming that the DSL market is red, red hot," wrote Cramer, who is long both Cisco and Westell. "We bought some Westell today. We think it has gone down enough. It is a pretty pure play. They are very, very bullish on DSL at Cisco."
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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.