NEW YORK ( TheStreet) -- VanceInfo Technologies ( VIT) shares were lower Wednesday after the company reported an increase in third-quarter earnings. The China-based information technology services provider and software developer reported net earnings of $7.7 million, up from $5.8 million a year earlier. Earnings per share were 18 cents, up from 14 cents a year earlier. Net revenue was $55.9 million, up 39% from a year before. Excluding special items, EPS was 21 cents, topping analysts' estimates for 19 cents. On average, analysts expected revenue of $54 million. On Nov. 15, Jefferies reaffirmed a "buy" rating to the stock, raising the target price to $41 from the earlier $30. For 2010, the company raised its guidance and expects to generate net revenue in the range of $208.5 million to $209.5 million, up 41% from 2009 levels. Earnings per share are estimated between 68 cents and 70 cents. Shares of VanceInfo were trading down 69 cents at $33.73 around 10 a.m. EST Wednesday.
VanceInfo Technologies (NYSE:VIT) is trading at unusually high volume Tuesday with 1.1 million shares changing hands. It is currently at four times its average daily volume and trading down 41 cents (-3.8%).
Shares of VanceInfo Technologies (NYSE:VIT) have taken a tremendous swing upward. The stock is trading at $10.69 as of 2:30 p.m. ET, 20.5% above Monday's closing price of $8.87. Volume is at 3.1 million, 2.7 times the daily average of 1.2 million.
Shares of VanceInfo Technologies (NYSE:VIT) have taken a tremendous swing upward. The stock is trading at $13.27 as of 1:56 p.m. ET, 20.4% above Wednesday's closing price of $11.02. Volume is at 1.3 million, one times the daily average of 1.2 million.