Shares of Analog Devices ( ADI) were among technology's winners Friday, rising 4% after the chipmaker posted better-than-expected second-quarter earnings and pegged third-quarter revenue above analysts' target. For the quarter ended April 29, the company earned $145.8 million, or 39 cents a share, on revenue of $643.9 million. Excluding items, Analog Devices earned 41 cents a share. Analysts polled by Thomson First Call expected earnings of 40 cents a share on revenue of $644.3 million. During the year-earlier quarter the company earned $117.6 million, or 31 cents a share, on revenue of $603.7 million. "The second quarter was a good quarter for ADI, led by strong growth in sales to our industrial instrumentation, consumer electronics and wireless infrastructure customers," the company said. Looking ahead, Analog Devices sees third-quarter earnings of 38 cents to 39 cents a share, including stock-based compensation costs and other one-time items of 6 cents a share. The company predicts revenue of $675 million to $685 million. Analysts project earnings, excluding stock-based compensation costs, of 43 cents a share on revenue of $664.6 million. Shares were trading up $1.45 to $36.13. Westell Technologies ( WSTL) fell 10% after the telecom-products company posted in-line fourth-quarter results but issued a disappointing first-quarter guidance. In the quarter ended March 31 the company earned $2.5 million, or 4 cents a share, including an income-tax expense of $3.2 million. Without the expense, the company would have earned 8 cents a share, matching analysts' mean estimate. Westell posted revenue of $73.1 million; one analyst had projected a top line of $71.1 million. During the year-earlier period the company earned $28.4 million, or 40 cents a share, on revenue of $78.2 million. The results in the year-earlier quarter included a $20.1 million tax benefit. For the first quarter Westell expects earnings of 2 cents to 3 cents a share, including an income-tax expense of $1.4 million to $2.2 million. Based on the 71.7 million outstanding shares the company had at the end of March, the tax expense would amount to 2 cents to 3 cents a share. The company predicts revenue of $64 million to $67 million. Analysts, on average, expect earnings of 8 cents a share. One analyst predicts revenue of $70.5 million. Shares were down 39 cents to $3.37.
Shares of JDSU ( JDSU) fell 5% after the maker of optical-networking equipment priced its $375 million convertible notes offering. The notes, which are due 2026, will bear an interest rate of 1% and be convertible into a combination of cash and common stock valued at $3.79 a share. The price represents a 25% conversion premium to Thursday's closing price of $3.03. JDSU has the right to redeem the notes as early as May 20, 2013, it said. What's more, holders of the notes may require the company to repurchase the notes on May 15, 2013, May 15, 2016, and May 15, 2021. The company plans to use proceeds from the notes offering to fund general corporate purposes. The notes sale is expected to close on May 17. Shares were trading down 14 cents to $2.89. Shares of Astea International ( ATEA) fell 8% after the software company posted a wider first-quarter loss. The company reported a loss of $2.2 million, or 63 cents a share, on revenue of $3.9 million. A year earlier, the company posted a loss of $749,000, or 25 cents a share, on revenue of $3.8 million. "Although we are disappointed with our first-quarter results, we remain confident in our ability to achieve our goals for 2006, as our pipeline is strong," the company said. Shares were trading down 64 cents to $8.20. Shares of Magnetek ( MAG) plunged 24% after the maker of power-control products posted a wider-than-expected third-quarter loss. The company reported a loss of $4.4 million, or 15 cents a share, for the quarter ended April 2, while revenue totaled $57.2 million. Analysts expected a loss of 2 cents a share, while a single analyst expected revenue of $59.5 million. During the year-earlier quarter Magnetek posted a loss from continuing operations of $1.9 million, or 7 cents a share, on revenue of $57 million. Magnetek said it expects fourth-quarter revenue to top $60 million. One analyst expects revenue of $62 million. Shares were trading down 88 cents to $2.81. Other technology movers included Microsoft ( MSFT), up 3 cents to $23.25; Cisco Systems ( CSCO), up 38 cents to $20.43; Sun Microsystems ( SUNW), down 4 cents to $4.85; Intel ( INTC), down 4 cents to $19.32; Sirius Satellite Radio ( SIRI), down 9 cents to $4.33; Lucent Technologies ( LU), down 2 cents to $2.61; Oracle ( ORCL), up 18 cents to $14.09; Symantec ( SYMC), down 8 cents to $17.02; and Nvidia ( NVDA), down $1.78 to $26.69.