Qualcomm, Netflix: After-Hours Trading

NEW YORK ( TheStreet) -- Fellow high-fliers Qualcomm ( QCOM) and Netflix ( NFLX) were starring in late trades on Wednesday after both companies topped Wall Street's expectations for their quarter results.

Netflix -- the top gainer in the S&P 500 in 2010 with a gain of more than 250% -- was last quoted at $200.55, up 9.6%, on volume of 2.9 million, according to Nasdaq.com, after the movie subscription service posted a profit of 87 cents a share for its fiscal fourth quarter ended in December, roughly 22% ahead of the average estimate of analysts polled by Thomson Reuters for earnings of 71 cents a share.

Qualcomm shares have risen 10% in the past year, reaching a 52-week high of $53.10 last week, and the stock was advancing another 6.1% to $55.01 in extended action on volume of 6.6 million. Riding heavy demand for smartphones, the San Diego wireless chip technology developer beat the average analysts' earnings estimate for a seventh straight time in the December quarter with an adjusted profit of 82 cents a share on revenue of $3.4 billion. Wall Street was looking for earnings of 72 cents a share on revenue of $3.2 billion

Starbucks ( SBUX) wasn't doing quite as well. The stock was last quoted at $32.23, down 2.5%, on volume of 2.5 million, after the Seattle-based coffee giant's quarterly numbers were strong enough but its outlook for the rest of fiscal 2011 was a letdown.

The company, whose shares have jumped 49% in the past 52 weeks, said it expects earnings of $1.44 to $1.47 a share for the fiscal year ending in September, below the current average estimate of analysts polled by Thomson Reuters for a profit of $1.49 a share. Starbucks said rising commodity costs were the culprit, estimating a reduction in earnings per share of 20 cents for the year, primarily because of higher coffee expenses.

Another standout gainer was Tractor Supply ( TSCO), which rose more than 5% to $51.25 on volume of less than 60,000.

The Brentwood, Tenn.-based retailer of agricultural equipment and supplies said it earned $50.2 million, or 67 cents a share, in the December quarter, beating Wall Street's view by a nickel, as total sales increased nearly 20% to $1.03 billion and same-store sales jumped 13.1%.

Shares of Tractor Supply, which also offered up an above-consensus outlook for fiscal 2011, have appreciated more than 90% in the year, and were already trading above their 52-week high of $49.64 in late trades.

E*Trade Financial ( ETFC) wasn't attracting buying interest in the extended session, however, as its shares pulled back 2.5% to $15.39 on volume of more than 100,000 after its quarterly report.

The online broker posted a loss of $24 million, or 11 cents a share, for its fourth quarter ended Dec. 31, well short of a consensus analysts' view for a profit of 4 cents a share. E*Trade said its provision for loan losses increased on a sequential basis to $194 million from $152 million in the third quarter.

E*Trade said the higher loan loss provision was the result of a $60 million increase in the "qualitative component" of its loan loss reserves to reflect the swelling of its loan modification program, and that it doesn't expect to record a similar large boost in future quarters. It also cited higher advertising spending as a contributing to its loss.

The big loser among NYSE-listed stocks was Quantum Corp., which saw its shares drop more than 24% to $2.72 on volume of 2.9 million after the closing bell.

Quantum, a San Jose, Calif., provider of data backup and recovery products and services, fell short with its performance in its fiscal third quarter ended in December, posting revenue of $176 million well beneath the average analysts' view of $192.4 million.

It also offered a weak outlook for the current period, forecasting non-GAAP earnings of 4 to 5 cents a share on revenue ranging from $165 million to $175 million vs. Wall Street expectations for a profit of 9 cents a share on revenue of $185.2 million.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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