By Barbara C. Costanza, CBS.MarketWatch.com
Shares of Emulex shot up 34 percent Friday morning after the company posted fourth-quarter results. Earnings for the quarter totaled $9.6 million, or 25 cents a share, 4 cents ahead of the average analysts' estimate. In the same quarter a year earlier, the company earned $3 million, or 10 cents a share. Quarterly sales rose 99 percent to $40.8 million compared with $20.5 million in the year-ago period. Demand for Emulex's fibre channel products rose to 94 percent of quarterly revenue in the quarter. Shares rose 16 3/16 to 63 3/4.
Shares of Adept Technology rose 7.2 percent after the company posted better-than-expected fourth-quarter earnings. Excluding one-time items, the company reported a profit of $900,000, or 8 cents a share, compared with $700,000, or 7 cents a share, in the year-ago period. The one analyst polled by First Call expected a profit of 7 cents a share. Shares rose 1 7/8 to 28.
Nanogen reported a second-quarter loss of $4.1 million, or 20 cents a share, wider than last year's loss of $7.8 million, or 40 cents a share, but 11 cents narrower than the average estimate of analysts polled by First Call. The company said it had educed spending with engineering and prototype design vendors. Shares of Nanogen fell 2 15/16 to 24 5/8.
Primus Telecommunications Group said second-quarter sales rose 62 percent to $300 million compared with $186 million in the year-ago period. The telecom service provider posted a loss of $50.8 million, or $1.27 a share, wider than the loss of $26 million, or 92 cents, in the same quarter of 1999. Analysts surveyed by First Call had expected a loss of $1.31 a share. Shares rose 3/8 to 18 5/8.
Sotheby's Holdings Inc. reported second-quarter earnings of $30 million, or 51 cents a share, falling short of the year-ago profit of $31.7 million, or 53 cents a share, but 12 cents ahead of the average estimate of analysts polled by First Call. Revenue rose to $157.4 million compared with $146 million in the same period a year earlier. Shares of Sotheby's rose ½ to 19 5/8.
Excluding items, Jupiter Communications reported second-quarter earnings of $1.6 million, or 11 cents a share, compared with last year’s profit of $199,000, or 2 cents a share. The latest quarter beat the average estimate of a 7-cent loss, according to analysts polled by First Call. Revenue rose 207 percent to $25.7 million compared with $8.4 million in the same period a year earlier. Jupiter shares rose 5/8 to 26 1/8.
The Walt Disney Co. /zigman2/quotes/203410047/composite DIS -0.28% reported third-quarter earnings of $633 million, or 30 cents a share, reflecting strong performances from its broadcasting and cable networks and theme parks. In the year-ago period, the company earned $427 million, or 20 cents a share. The entertainment giant's net income -- including the Internet results -- was $440 million, or 21 cents a share, compared to $368 million, or 18 cents, in the same period last year. Analysts polled by First Call expected to see a profit of just 14 cents. Revenue climbed to $6 billion from $5.5 billion. Shares fell 1/8 to 42 3/8.
Shares of J.D. Edwards & Co. soared 32 percent following the company’s third-quarter earnings outlook. After the market closed, the company said it expects earnings between breakeven and 2 cents a share with revenue between $250 million and $260 million. Analysts currently expect the company to lose 5 cents a share. License revenue is expected to be in the range of $109 million to $114 million. “Strong demand for J.D. Edward’s core products, including our collaborative supply chain solutions, led to our significant license fee growth this quarter,” noted Ed McVaney, president and chief executive officer. Shares rose 4 3/8 to 17 7/8.
Shares of Teledyne Technologies /zigman2/quotes/203527738/composite TDY -0.49% fell 12 percent after the electronics products provider warned of shortfalls in the third and fourth quarter of 2000, along with fiscal 2001. Teledyne said it expects to spend an additional $20 million in the second half of fiscal 2000 on capital expenditures and product development costs. The company said that will "impact profitability in the third and fourth quarters.” In addition, the company sees profit from operations for fiscal 2001 coming in 10 to 12 percent lower than the 1999’s total of $90.6 million. The company also expects fiscal 2001 results to be lower due to the expected sale of Teledyne Cast Parts, softness in the small turbine engine business, reduced foreign demand for Harpoon missiles and the delay of joint air-to-surface standoff missile production. Shares fell 2 3/16 to 16 1/16.
Optio Software said it expects second-quarter revenue to come in at $10 million, up slightly from last year's $8.2 million, but below Wall Street expectations. The company attributed the shortfall to lower-than-anticipated sales of software licenses for its information customization and delivery products. Shares of Optio fell 1 1/32 to 3 3/32.
Communications Systems /zigman2/quotes/204781833/composite CSII +0.94% reported second-quarter earnings of $1.6 million, or 18 cents a share, compared with a profit of $1.7 million, or 20 cents a share in the year-ago period. Analysts polled by First Call expected a profit of 31 cents a share. Revenue rose to $32.1 million compared with $29.8 million in the same period a year earlier. The company attributed the shortfall to below-plan sales in its primary business units due to temporary weaknesses in certain targeted markets, delays in receiving major orders and pricing pressures. Communication Systems also said it's involved in talks with a "substantially larger public company" about a possible merger. Shares of Communications Systems rose 1 ¼.