Posts Tagged ‘tech stocks’

RiT Technologies Ltd. (RITT) rises on news of expansion in Africa

Tuesday, December 6th, 2011

Shares of communications network solutions provider RiT Technologies Ltd. (RITT) rose as much as 47 percent from Monday’s closing price in morning trading on Tuesday. RITT touched a high of $4.75 on Tuesday morning, up from Monday’s closing price of $3.22.

On Tuesday, the Tel Aviv-based RiT Technologies announced that it appointed Peter Leonard to become its Country Sales Manager for South Africa. According to a December 6 press release, RiT’s has built momentum in the region over the past year, beginning with sales to Botswana Teclecommunications Corp. and Vodafone Ghana, and followed by the signing of distribution/marketing agreements with Kenya’s Adwest communications, Mart Network Solutions/Giganet Networking Solutions and Adcare.

RiT Technologies’ president and CEO, Eran Ayzik commented that Africa is a “land in transformation, and a key enabler of change is the ongoing overhaul of its communications and IT networks.”

The company has also increased its presence in China, opening a new office in Shanghai several months ago as part of its strategic focus on the Chinese market.

“The establishment of our second office in Chinademonstrates the success of our strategy to build our business in this rapidly-growing market with high potential for IIM sales,” Ayzik said in a September 13 press release.  “Our unique approach to the market, including our partnership with superbly qualified, well-connected integrators and the offering of customized solutions, has started to pay off, and we believe thatChina will continue growing in importance as a driver of our future sales.”

For the third quarter ended September 30, RiT Technologies reported revenue of $3.7 million, a 38 percent increase over revenue of $2.7 million in the same period a year ago, and a 7 percent sequential increase over the second quarter. The company’s third quarter net loss increased 1 percent to $854,000 or 19 cents per share, compared to a net loss of $843,000 or 26 cents per share for the third quarter of 2010.

“Our third quarter results reflect continued strong momentum in the areas of product development, partnership building and marketing & sales, all of which are creating a solid platform for future growth,” Ayzik said in an October 26 press release. ” Our efforts to broaden our sales and marketing activities are raising RiT’s exposure in emerging markets and enabling us to better serve our customers. This was highlighted during the quarter by our opening of a second sales office in China. And we intend to duplicate this effort in other high growth, emerging regions.”Parallel to our marketing activities, we continue to develop our product portfolio, improve our supply chain and deepen our strategic partnerships in order to well-position the Company for further growth.”

Shares of RITT are down about 6 percent in the past three months.

Ciena Corp. (CIEN) pops on narrower Q3 losses

Thursday, September 1st, 2011

Ciena Corp. (Nasdaq: CIEN) shares climbed 18.9% to $14.55 after the network-equipment maker reported losses narrowed in its fiscal third quarter. Volume for the stock proved to be 24.4 million shares, or nearly four times its normal daily average.

The company put out a news release Sept. 1, saying that, for the fiscal third quarter 2011, Ciena reported revenue of $435.3 million. On the basis of generally accepted accounting principles (GAAP), Ciena’s net loss for the fiscal third quarter 2011 was $31.5 million, or $0.33 per common share, which compares to a GAAP net loss of $109.9 million, or $1.18 per common share, for the fiscal third quarter 2010.

Ciena’s adjusted (non-GAAP) net income for the fiscal third quarter 2011 was $8.3 million, or $0.08 per common share, which compares to an adjusted (non-GAAP) net loss of $8.0 million, or $0.09 per common share, for the fiscal third quarter 2010.

Ciena CEO Gary Smith was quoted in the same release as saying, “Our third quarter results, which included a favorable product mix and reduced operating expense to achieve an as-adjusted operating profit, demonstrate our early progress in delivering additional operating leverage from the business.”

Smith continued, “Despite current macroeconomic headwinds that could cause the rate of market growth to be moderated, we believe that we are well-positioned to capitalize on the continued modernization of today’s networks and to grow faster than the market.”

The Maryland-based Ciena offers leading network infrastructure solutions, intelligent software and a comprehensive services practice.

Avago Technologies Limited (AVGO) posts strong Q3 results, stock spikes

Wednesday, August 24th, 2011

Avago Technologies Limited (Nasdaq : AVGO) shares raced ahead 8.9% to $31.87 Wednesday, a day after announcing strong third-quarter results. Volume for the stock topped 3.3 million, already surpassing its daily average of 2.7 million.

A news release issued August 23 pointed to net revenue of $603 million, an increase of 10% from the same quarter last year.

Gross margin was $297 million, or 49.3% of net revenue. This compares with gross margin of $263 million, or 47.8% of net revenue in the same quarter last year.

Third quarter net income was $144 million, or $0.57 per diluted share. This compares with net income of $123 million, or $0.50 per diluted share in the same quarter last year.

The same release quoted Avago CEO Hock Tan as saying, “During the third quarter of fiscal 2011, our four target markets performed as we expected and we outperformed these markets as our revenue growth for the quarter came in at the high end of guidance.

“While uncertainties prevail in the global economy today, we continue to believe revenue will grow for the balance of the fiscal year due to share gains with certain wireless and wired OEMs.”

Avago Technologies Limited, based in San Jose, California, is a leading designer, developer and global supplier of a broad range of analog semiconductor devices with a focus on III-V based products.

MIPS, APPY, RFMD, SHMN – Buzz Stocks With Big Gains This Week

Friday, October 29th, 2010

Several of this week’s Buzz Stocks have had a string of days with solid gains:

MIPS Technologies, Inc. (Nasdaq: MIPS) – Shares of MIPS Technologies increased almost 24 percent from Monday’s closing price in morning trading on Tuesday after the chip maker announced first quarter profit of $7.6 million, or 16 cents per share, compared with $595,000, or a penny per share, a year earlier. Shares closed on Tuesday at $14.12, after rallying as high as $14.18. The next day, shares spiked to $14.65, before closing at $14.34. Shares of MIPS Technologies have are up about 40 percent since Monday.

AspenBio Pharma, Inc. (Nasdaq: APPY) – Shares of diagnostic products maker, AspenBio Pharma, Inc. (Nasdaq: APPY) were up as much as 71 percent from Monday’s closing price, in morning trading on Tuesday after the company announced that it initiated manufacturing on its AppyScore™ cassette-based test system, and added personnel to handle its clinical, regulatory and commercial planning efforts. Shares traded as high as 98 cents, before closing at 71 cents on Tuesday. Shares traded between 80 cents 61 cents on Wednesday and Thursday, and were trading at 69 cents in mid-day trading on Friday. Shares of AspenBio Pharma, Inc. are up about 86 percent since Monday.

RF Micro Devices, Inc. (Nasdaq: RFMD) – Shares of RFMD were up 13 percent in morning trading on Wednesday after the company posted revenue of $285.8 million, and EPS of 19 cents for its fiscal second quarter ended October 2. Analysts on average expected EPS of 16 cents, on revenue of $275.9 million. Since then, shares have continually moved higher, trading as high as $7.45 on Thursday. At mid-day Friday, shares of RFMD were trading at $7.39, up about 11 percent since Monday.

SOHM, Inc. (Pink Sheets: SHMN) – The generic drug maker had several news releases this week announcing its intent to capitalize on the market opportunity in India for the company’s products. On Thursday,SOHM announced the addition of six new generic pharmaceutical products targeting asthma and respiratory disease. Shares of SOHM rallied as high as 9 cents on Thursday, before closing at 6 cents per share. Trading volume on Thursday was 10.5 million shares, a significant increase over SOHM’s average three-month trading volume of 165,398 shares. Shares of SHMN are up approximately 60 percent since Monday.

Notable Nasdaq Gainers – BSDM, LOJN, SIMG, RFMD

Wednesday, October 27th, 2010

Shares of BSD Medical Corporation (Nasdaq: BSDM) were up as much as 25 percent from Tuesday’s closing price of $3.94 per share, on Wednesday. Shares traded as high as $4.95 per share with nearly double the company’s average three-month volume. BSD Medical won the Frost & Sullivan “Technology Innovation of the Year Award” in 2005 for its BSD-2000 system. But its biggest money generator is the MicroThermX. BSDM’s patented “phased-array” technology generates heat allows doctors to kill massive clusters of cancer cells. Shares BSDM are up roughly 280 percent since the FDA granted the company clearance to market its MicroThermX Microwave Ablation System (MTX-180) for ablation of soft tissue in August of this year.

Shares of JoJack Corp. (Nasdaq: LOJN) were up more than 34 percent from Tuesday’s closing price, in morning trading on Wednesday on nearly 7x the company’s average three month volume. The car recovery technology developer recently reported a 47 percent increase in third quarter international sales. The company also reported net income of $2.7 million, or 15 cents per share, up from a loss of $13.4 million, or 78 cents per share a year earlier. Consolidated third quarter revenue climbed 7 percent to $38.5 million, from a year ago. Shares of LOJN are up about 47 percent over the past three months.

Shares of chip maker, Silicon Image, Inc. (Nasdaq: SIMG) were up as much as 44 percent from Tuesday’s closing price, in morning trading on Wednesday. Shares traded as high as $6.57, up from Tuesday’s closing price of $4.55. Silicon Image earned $9.5 million, or 12 cents per share, compared to a net loss of $15.5 million, or 21 cents per share a year ago. Excluding items, the company earned 18 cents per share. Third quarter revenue increased 63 percent to $60.5 million, which included a $7.5 million royalty revenue catch-up. Analysts on average, expected the company to post earnings of a nickel per share (excluding items), on revenue of $49 million. The company sees fourth quarter revenue in the range of $46 million to $48 million, above analysts’ estimates of $45.4 million.

RF Micro Devices, Inc. (Nasdaq: RFMD) was up 13 percent from Tuesday’s closing price, in morning trading on Wednesday after the company posted revenue of $285.8 million, and EPS of 19 cents for its fiscal second quarter ended October 2. Analysts on average expected EPS of 16 cents, on revenue of $275.9 million. “On the strength of new product launches and diversification efforts, we continue to reduce our exposure at our largest customer while sales to all other customers grew year-over-year by approximately 53%,” said RFMD’s CEO Bob Bruggeworth in a conference call. “s a result, RFMD delivered our sixth consecutive quarter of expanding operating income with the September quarter representing another company record.” Shares of RFMD are up as much as 61 percent over the past three months.