Post-Market NASDAQ Movers (AKAM, SONO, GPRE, WWWW, IDCC, TQNT, ESIO, AXTI, LHCG, ACOM)
The top after-market NASDAQ Stock Market gainers are: Akamai Technologies, SonoSite, Green Plains Renewable Energy, Web.com Group, and InterDigital. The top after-market NASDAQ Stock Market losers are: TriQuint Semiconductor, Electro Scientific Industries, AXT, LHC Group, and Ancestry.com.
Gainers
Akamai Technologies, Inc. (AKAM) stock jumped 12.70 percent to $26.80 in the after-market trading. Normalized earnings for the third quarter was $63.36 million or $0.34 per share, compared to $64.25 million or $0.34 per share last year. Revenue grew 11 percent to $281.86 million. Analysts had expected profit of $0.33 per share on revenue of $278.87 million. For the fourth quarter, the company expects adjusted earnings of $0.37 to $0.41 per share and revenue of $303 million to $315 million, while Street predicts profit of $0.39 per share on revenue of $310.53 million. The company said fourth quarter is generally its strongest seasonal quarter, driven by online retail and advertising, as well as seasonal traffic growth from media and entertainment.
Separately, Akamai announced a number of management changes, with David Kenny resigning as president and director, Sagan re-named as president, appointment of Cisco Systems Inc. (CSCO) executive Rick McConnell as head of products and development and Kumud Kalia as chief information officer. According to media reports, Kenny, a board member at Yahoo Inc. (YHOO) since April 2011, is seen as a potential candidate to fill the space vacated by Carol Bartz at Yahoo. Kenny, who joined Akamai as president in September 2010, will now serve as a consultant on business strategy. He was a member of Akamai's board of directors for three years.
SonoSite Inc. (SONO) stock grew 9.94 percent to $33.17 in the after-market trading.
Green Plains Renewable Energy, Inc. (GPRE) stock gained 6.49 percent to $11 in the after-market trading. Profit for the third quarter was $12.43 million or $0.32 per share, up from $7.37 million or $0.23 per share last year. Revenue grew to $957.02 million from $496.15 million. Analysts had expected profit of $0.28 per share on revenue of $872.83 million.
We continue to expect our overall profitability to improve in the fourth quarter as a result of seasonal activity from the agribusiness segment. Ethanol production should also have a good finish for the year, although securing some of the early-harvested corn has been challenging as demonstrated by basis levels that are unprecedented for this time of the year, said Todd Becker, Chief Executive Officer of Green Plains.
Web.com Group, Inc. (WWWW) stock increased 6.41 percent to $9.30 in the after-market trading. The company announced its selection as a Google AdWords Premier SMB Partner. As one of the first companies in North America chosen to participate in this new program, Web.com met Google's highest standards and criteria for qualification and transparency, and the demonstrated ability to deliver exceptional service to end advertisers.
InterDigital, Inc. (IDCC) stock rose 6 percent to $47.86 in the after-market trading. Profit for the third quarter was $26.21 million or $0.57 per share, down from $35.52 million or $0.79 per share last year. Revenue fell 17 percent to $76.46 million. Analysts had expected profit of $0.41 per share on revenue of $72.67 million. The company said its board of directors is continuing to explore and evaluate potential strategic alternatives for the company, which may include a sale or other transaction. On account of the strategic review process, the company has suspended regular quarterly conference calls and financial guidance until further notice.
Losers
TriQuint Semiconductor, Inc. (TQNT) stock plunged 16.88 percent to $5.96 in the after-market trading. Adjusted profit for the third quarter was $19.0 million or $0.11 per share, lower than last year's $44.2 million $0.28 per share. Revenue fell 9 percent to $216 million. Analysts had expected profit of $0.10 per share on revenue of $214.15 million. For the fourth quarter, the company expects adjusted earnings of $0.06 to $0.08 per share and revenue of $215 million to $225 million, while Street predicts profit of $0.14 per share on revenue of $230.66 million.
Electro Scientific Industries Inc. (ESIO) stock slumped 15.67 percent to $10.55 in the after-market trading. Adjusted profit for the second quarter was $9.34 million or $0.32 per share, up from $2.86 million or $0.10 per share last year. Revenue rose to $81.88 million from $59.55 million. Analysts had expected profit of $0.36 per share on revenue of $90 million. Looking ahead into the third quarter, the company expects adjusted earnings to be at break-even or slightly below and revenue to be in the $50 million range, while Street predicts profit of $0.20 per share on revenue of $73.43 million.
AXT Inc. (AXTI) stock fell 15.54 percent to $5 in the after-market trading. Profit for the third quarter was $6.48 million or $0.19 per share, up from $5.64 million or $0.17 per share last year. Revenue rose to $28.31 million from $26.81 million. Analysts had expected profit of $0.19 per share on revenue of $30.38 million. Looking ahead into the fourth quarter, the company expects earnings of $0.08 to $0.12 per share and revenue of $20 million to $23 million, while Street predicts profit of $0.18 per share on revenue of $30.05 million.
LHC Group, Inc. (LHCG) stock tumbled 9.77 percent to $17 in the after-market trading. The company expects third quarter loss of $2.10 to $2.25 per share and net service revenue of $150 million to $155 million, while Street predicts profit of $0.59 per share on revenue of $162.93 million. For the fiscal 2011, the company now expects loss of $0.75 to $0.85 per share compared to previous earnings forecast $2.15 to $2.25 per share. The company lowered its net service revenue outlook to range of $630 million to $640 million from previous forecast of $640 million to $650 million. Street analysts predict profit of $2.17 per share on revenue of $650.39 million for the fiscal 2011.
Ancestry.com Inc. (ACOM) stock slid 9.13 percent to $21.81 in the after-market trading. Profit for the third quarter was $19.1 million or $0.40 per share, up from $11.8 million or $0.24 per share last year. Revenue grew 30 percent to $103.10 million. Analysts had expected profit of $0.35 per share on revenue of $103.25 million. Looking ahead into the fourth quarter, the company expects revenue of $103 million to $105 million, while Street predicts $104.65 million. For the full year 2011, the company narrowed its revenue guidance to range of $398.5 million to $400.5 million from previous forecast of $398 million to $402 million, while Street predicts $399.91 million.
Separately, Ancestry.com said its board of directors has authorized the repurchase of up to $50 million of its outstanding common stock. The company's shares may be repurchased from time to time through Sept. 30, 2012 in the open market or in privately negotiated transactions. The company expects to fund the repurchases using cash on hand and an existing credit facility. The amount and timing of specific repurchases, if any, will depend on market conditions, stock price, and other factors. As of Sept. 30, 2011, Ancestry.com had cash and cash equivalents of $46.9 million and 44.0 million basic shares of common stock outstanding.
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