Scientific-Atlanta ( SFA) shares took a hit as the company came up short on the top line for its fiscal first quarter. The Atlanta-based TV set-top box maker posted earnings of $60.7 million, or 39 cents a share, on sales of $490 million. On a so-called adjusted basis, excluding certain costs, earnings were 44 cents a share. Those numbers compare with an adjusted net income of 36 cents a share on $452.7 million in revenue in the year-ago period. Analysts had called for an adjusted profit of 43 cents on sales of $515.5 million, according to Reuters Research. "In summary, we're pleased with a first quarter in which bookings, sales, and earnings grew from a year ago," said CEO Jim McDonald in a press release Thursday. The stock closed down 43 cents at $34.44, and dropped $1.19 to $33.25 in after-hours trading.
Even though AT&T tried a last-minute bribe of promising 5,000 new U.S. jobs to help gain support for the deal, the Justice Department filed a complaint to fight the combination of the nation's No. 2 and No. 4 wireless carriers.