Go ahead and jump. You might as well jump.
shot up 8 3/16 to 174 11/16 on 710,000 shares on
ECN. Tonight, the company announced its first-quarter results and took a cue from
hit, "Jump," which topped the charts on this very day 16-years-ago.
The chipmaker announced first-quarter earnings of 80 cents a share, better than the 77-cent
First Call/Thomson Financial
estimate and last year's 12 cents. Post-close investors rocked out after hearing the news and sent the stock skyward, driving it past a two-point gain within minutes of the release.
The company announced more than just per-share earnings, however. First-quarter income was $328 million vs. last year's $46 million, while revenue was $1.67 billion vs. $742.5 million. Gross margin 50.1% vs. 43.2%. Applied Materials also announced that it received $2.36 billion in new orders during the first quarter.
Applied Materials took another cue from
David Lee Roth
& Co. It also did a split, setting the 2-for-1 variety due on March 15.
This solid quarter extends the company's winning streak.
Last quarter, the last of fiscal 1999, the company beat estimates by 12 cents while semiconductor orders surged 141%. Before that, Applied Materials beat third-quarter
estimates by 8 cents and
second-quarter estimates by 9 cents. And a
stronger-than-expected first quarter set the right tone for what was a winning 1999. The streak continued tonight.
Jump! Tonight's gain is the cherry on a day session gain of 5 7/16, or 3.4%, to 166 1/2, which helped rally the
Philadelphia Stock Exchange Semiconductor Index
late in the day. Applied Materials spent midday in a slump, before rocketing into the close after
upped its 12-month price target to 195 from 135.
This analyst love in is nothing new for Applied Materials, though. Of the 34 that track the company, only two have it at hold. The other 32 have it at buy or strong buy.
, go get it!
After announcing second-quarter earnings that exceeded Street expectations, the Web-portal with those fetching (but not so fetching) commercials rose 5 1/2 to 74 1/2 on 120,000 shares. Lycos' pro-forma earnings came in at 3 cents a share, beating the penny First Call/Thomson Financial estimate and last year's 2-cent loss.
Revenues grew to $68.6 million, a $70 million swing from last year's $1.6 million loss. U.S. page views increased 23%, averaging 101 million views a day. Lycos CEO Robert Davis said the company had 42 million registered users as of its second quarter.
Earnings season has been a fairly successful time for Lycos, which broke even with estimates during its
first quarter, ending a streak where it bested its
second-quarter estimates by a penny.
Tonight's gain recouped some of the day session drop of 1 1/4, or 1.8%, to 69 1/16.
The population of Splitsville can count more than just Applied Materials as a resident.
Along with third-quarter earnings of 11 cents a share,
announced a 2-for-1 stock split. The company rose 4 3/8 to 155 15/16 on 80,000 shares after beating the 10-cent analyst consensus and last year's quarter of 6 cents. This move caps a day session gain of 3 1/4, or 2.2%, to 151 9/16.
Island ECN, owned by Datek Online, offers trading, mainly in Nasdaq-listed stocks, from 8 a.m. to 8 p.m. EST.
MarketXT, formerly Eclipse Trading, offers after-hours trading to retail clients of Morgan Stanley Dean Witter's (MWD) Morgan Stanley Dean Witter Online, Mellon Bank's (MEL) Dreyfus Brokerage Services and clients of Salomon Smith Barney. Clients can trade 200 of the most actively traded New York Stock Exchange and Nasdaq Stock Market issues, 4:30 p.m. to 8 p.m. EST Monday through Thursday.
explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.