Posts Tagged ‘Technology Stocks’

iGo, Inc. (IGOI) shares soar on higher-than-usual volume

Monday, December 5th, 2011

Shares of power products maker iGo, Inc. (Nasdaq: IGOI) were up as much as 45 percent from Friday’s closing price in morning trading on Monday. Shares touched an intraday high of $1.28, up from Friday’s closing price of $0.88.

The Scottsdale-based company and its subsidiaries engage in the design, development, manufacture, and distribution of power products for high-power and low-power mobile electronic devices. The company’s products include AC/DC universal power adapters, DC-only power adapters, AC-only power adapters, DC cigarette lighter adapters, mobile AC adapters, combination AC/DC adapters, and battery-powered adapters. It also provides mobile device accessories, such as monitor stands, portable computer stands, and foldable keyboards.

For the three months ended September 30, iGo, Inc. reported revenue of $9.6 million, a decrease of 20 percent compared to revenue of $12.2 million reported in the same three month period in 2010. The company reported a net loss of $2.2 million, or $0.07 per share, compared to net income of $51,000, or break even in the same period a year ago. For the nine months ended September 30, iGo, Inc.’s revenue fell to $29.7 million, from $30.1 million in the same nine month period in 2010. The company’s net loss for the nine months ended September 30 was $5.8 million, or $0.17 per share, compared to net income of $419,000, or $0.01 per share in the same nine month period a year ago.

The quarterly revenue drop was primarily due to the decrease in sales to RadioShack and Belkin, offset by the addition of battery, audio and protection product lines as a result of Adapt and Aerial7 acquisitions in the second half of 2010 and the Pure Energy relationship in the first quarter of 2011, combined with the increases in sales to Walmart.

Shares of IGOI are down about 15 percent over the past three months.

SMTC Corp. (SMTX) raises guidance, shares soar

Tuesday, October 25th, 2011

Shares of SMTC Corp. (Nasdaq: SMTX) were up as much as 60 percent from Monday’s closing price in morning trading on Tuesday after the electronics manufacturing services provider raised its fourth quarter EBITDA guidance to $4 million, up from previous Q4 guidance of $3 million in EBITDA.

“We continue to expect Q3 to be our weakest quarter of the year, and anticipate generating $825,000 in EBITDA for the quarter,” said Claude Germain, Co-Chief Executive Officer in an October 25 press release. “However, due to new program wins from both current and new customers, recent cost reduction initiatives, and our recent acquisition, we now expect the business to generate $4.0 million in EBITDA in Q4, up from our prior guidance of $3.0 million.”

EBITDA is a non-GAAP measure. EBITDA is computed as Net income from continuing operations excluding depreciation, amortization, restructuring charges, interest and income tax expense.

Founded in 1985, SMTC Corp. is a mid-size provider of end-to-end electronics manufacturing services including PCBA production, systems integration and comprehensive testing services, enclosure fabrication, product design, sustaining engineering and supply chain management services.

In addition to revising its fourth quarter guidance, SMTC Corp. also said it now expects 2012 EBITDA guidance of $13 million and $240 million in revenue.

“In order to meet higher Q4 orders, we added to labor and increased working capital in late Q3. However, we continue to expect to generate positive operating cash flow for the year, and to generate strong free cash flow in 2012,” said Alex Walker, Co-CEO of SMTC Corp. “We also expect our sizable tax loss carry-forwards to offset future taxable income and further increase earnings and cash flow.”

SMTC Corp.’s third quarter results conference call is scheduled to be held on Wednesday November 9, 2011 at 5 p.m. ET.

NetLogic Microsystems Inc. (NETL) welcomes Broadcom offer, shares spike

Monday, September 12th, 2011

NetLogic Microsystems Inc. (Nasdaq: NETL) shares surged 51.5% to $48.33 Monday after Broadcom Corp. (Nasdaq: BRCM) said it would acquire the semiconductor company for about $3.7 billion. Share volume for NetLogic topped 43.4 million, whereas it would normally buy and sell 1.5 million shares on an average day.

A news release dated Sept. 12 noted that under the agreement, NetLogic Microsystems shareholders will receive $50 per share in a transaction of approximately $3.7 billion, net of cash assumed. The two companies are based respectively out of Santa Clara and Irvine, California.

The acquisition meaningfully extends Broadcom’s infrastructure portfolio with a number of critical new product lines and technologies, including knowledge-based processors, multi-core embedded processors, and digital front-end processors, each of which offers industry-leading performance and capabilities. The combination enables Broadcom to deliver best-in-class, seamlessly-integrated network infrastructure platforms to its customers, reducing both their time-to-market and their development costs.

The release quotes NetLogic CEO Ron Jankov as saying, “This is a strong win for customers, for shareholders and for NetLogic Microsystems employees.

“Our industry-leading product portfolio will benefit from access to Broadcom’s broad set of leading-edge technologies, tools, resources and eco-system, which will enable the combined company to offer a complete and integrated platform for our customers’ next generation designs. Our employees will benefit from the strong cultural alignment with Broadcom, and from joining forces with an equally aggressive and energetic organization with the same relentless focus on engineering excellence and innovation.”

NetLogic Microsystems is a worldwide leader in high-performance intelligent semiconductor solutions that are powering next-generation Internet networks.

Buyout target Caliper Life Sciences Inc. (CALP) leaps

Thursday, September 8th, 2011

Caliper Life Sciences Inc. (Nasdaq: CALP) surged 40.2% to $10.36 a share after PerkinElmer Inc. (NYSE: PKI) said it would buy the maker of genomic-detection technologies for about $600 million, or $10.50 a share, in cash. Volume for the stock topped 26 million shares, where it normally would trade in 403,000 in an average day.

A news release dated September 8 stated that the Hopkinton, MA-based Caliper was being bought by PerkinElmer, Inc., a global leader focused on improving the health and safety of people and the environment.

The combined technology platforms will expand PerkinElmer’s deep portfolio of solutions and services for global customers including:

  • Broader offerings for molecular, cellular, animal and tissue imaging to enable translational medicine research;
  • Addition of a world-leading microfluidics platform for genomics and proteomics applications, for improved detection and screening through low sample use and efficiency;
  • High-value sample preparation technologies for key scientific workflow areas such as Next Generation DNA Sequencing

Caliper CEO Kevin Hrusovsky, noted in the same release, “We are delighted to become part of PerkinElmer. For 10 years, Caliper has partnered with strategic customers to develop a compelling suite of discovery technologies for broad life science applications.”

Hrusovsky added, “I am excited by both PerkinElmer’s ability to leverage its global reach for the delivery of solutions and the opportunity to accelerate the development of important advances that make a difference in improving human and environmental health. I am confident this is the correct strategic direction at this time for Caliper customers, shareholders and employees, and we are looking forward to becoming part of one of the leading companies in our industry.”

Hrusovsky is anticipated to join the PerkinElmer senior leadership team following the close of the transaction.

The total purchase price represents a premium of 42% for Caliper Life Sciences shareholders, relative to the closing price of $7.39 on Wednesday, September 7, 2011, the last trading day prior to today’s announcement.
Caliper Life Sciences is a premier provider of cutting-edge technologies enabling researchers in the life sciences industry to create life-saving and enhancing medicines and diagnostic tests more quickly and efficiently.

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.