Brocade Rises as CEO Says it Will Meet Estimates

Author:
Publish date:

Updated from 8:34 a.m. EDT

Storage area network provider

Brocade

(BRCD)

was up 17.5% in early trading after a

Bloomberg

article quoted CEO Greg Reyes as saying he would be surprised if the company didn't meet estimates for the fourth quarter.

Reyes didn't discuss details of the forecast. Analysts' are expecting the company to chalk up earnings of 4 cents a share, on $110 million in sales, according to Thomson Financial/First Call.

Brocade also unveiled a joint project with four other companies to help Japanese corporations build and test storage area networks.

According to Reuters, Japanese companies have been slow to consider security and data storage issues and are now eager to ensure the integrity of their systems given the threat of new terrorist attacks.

Other companies involved include software company Veritas (VRTS) - Get Report, semiconductor company Tokyo Electron, online service provider TIS and consultant Emtorage Broadcommunications.

Veritas was up 7.6%.

Also on the rise this morning was optical networker JDS Uniphase (JDSU) , up 8.1%, and network equipment company Finisar (FNSR) - Get Report, up 9.2%.