Tech Data (TECD) - Get Report was up 12.4% in preopen Instinet trading after the computer hardware and software distributor posted second-quarter earnings late Wednesday of 49 cents a share, beating estimates of 41 cents but down from 72 cents in the year-earlier period.
Revenue for the quarter was $4.1 billion, in line with estimates and down from $5 billion a year ago, the company said.
Tech Data also said it expects third-quarter earnings of between 49 to 55 cents a share, above current Street estimates of 45 cents.
This morning, Credit Suisse First Boston raised its earnings estimates on the company to $2.50 a share from $2.25 in 2002. The current consensus estimate calls for earnings of $2.03, according to Thomson Financial/First Call.
In a research note, CSFB said the stock is fairly valued and said the company is performing extremely well and has used the weaker environment to improve internal efficiency.