QLogic (QLGC) , a maker of storage network equipment, was up 10.5% in early afternoon.
After the close Tuesday, the company posted fourth-quarter pro forma earnings of 28 cents per share, ahead of the
Thomson Financial/First Call
consensus by a penny and 10 cents better than the year-ago 18 cents.
said sales growth slowed for the third consecutive quarter.
lowered its 2002 earnings estimate but maintained its long-term attractive rating, saying management was upbeat but cautious on the conference call, guiding revenue expectations sequentially down for the June quarter but predicting a resumption of growth after that.