PeopleSoft (PSFT) was up 7.5% a day after it beat Street expectations for the second quarter, with earnings of 14 cents a share and a 51% jump in license revenue to $166.3 million. This morning, Salomon Smith Barney responded to the strong performance by upgrading the stock to buy from outperform.
The software maker said its third-quarter earnings would be 15 cents a share on license revenue of $165 million to $170 million. The company also said it was comfortable with the fourth-quarter consensus EPS estimate of 19 cents.
Other software stocks were rising as well, notably
, up 14.5%.
After the close Tuesday, Peregrine posted a first-quarter earnings of 12 cents a share, in line with Street estimates, and up from 10 cents in the year-earlier period. The server and mainframe software applications maker said despite a weakened economic climate, it experience strong growth for its products in the quarter.
Revenue also beat expectations, rising 82% over the same period last year to $94.32 million.
The company also reaffirmed growth projections for 2002 earnings of between 25% and 30%, on revenue up 30% to 40%.
Other software stocks up this morning included
, up 0.8%,
, up 2.7%, and
( SEBL) up 4.3%.