| Tech Stock News and Analysis |
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| Tuesday, June 20, 2006 |
Shares of Qiao Xing Universal Telephone (XING:Nasdaq) were among technology's winners Tuesday, soaring 22% after the telecom-products company posted big year-over-year gains in its fiscal-year results.
The Chinese company reported 2005 earnings of $31 million, up 987%, on revenue of $356 million, which was 42% higher than 2004. Excluding a one-time gain, the company earned $26.4 million, or $1.44 a share, during 2005. "We are pleased that the company's financial results have improved significantly over past years, indication that we have found our place in this fiercely competitive business section in which we operate," the company said. Gross margin came in at 17%, up from 11.1% during 2004. Shares were trading up $2.02 to $11.36.
Progress Software (PRGS:Nasdaq) fell 3% after the company said that it is reviewing its stock-option grant practices. The inquiry covers all option grants since the beginning of fiscal 1996. Progress said it hasn't received an inquiry from the Securities and Exchange Commission or any other governmental agency related to the matter. The company's review, it said, was prompted "by recent media and analysts reports regarding stock option grant practices of numerous companies, and by investor inquiries."
Separately, Progress Software reported second-quarter revenue of $109.6 million, up 9% from $100.2 million a year earlier. Analysts polled by Thomson First Call expected revenue of $109.3 million. As a result of the stock-option inquiry, the company didn't post earnings information for the quarter. Shares were trading down 76 cents to $22.15.
Shares of Yak Communications (YAKC:Nasdaq) jumped 14% after the telecom-services concern said it is exploring its strategic alternatives, including the potential sale of the company. The move is aimed at maximizing shareholder value, the company said. Yak said it hasn't hired an investment bank to help it explore options. Shares were up 38 cents to $3.14.
Software company CA (CA:NYSE) said it named Alan Nugent chief technology officer. The move is effective immediately. Nugent will continue to lead the CA's Enterprise Systems Management Business unit until a successor is named, CA said. "In his new role, he will oversee CA's technology vision and strategy and assure that the company's solutions are built on common technology architecture," CA said in a press release. Shares were recently down 30 cents to $21.01.
Other technology movers included Microsoft (MSFT:Nasdaq) , up 9 cents to $22.64; Intel (INTC:Nasdaq) , up 7 cents to $18.31; Sun Microsystems (SUNW:Nasdaq) , up 2 cents to $4.16; JDSU (JDSU:Nasdaq) , up 12 cents to $2.54; Lucent Technologies (LU:NYSE) , up 1 cent to $2.39; Cisco Systems (CSCO:Nasdaq) , up 11 cents to $19.93; Sirius Satellite Radio (SIRI:Nasdaq) , up 6 cents to $4.04; Level 3 Communications (LVLT:Nasdaq) , down 12 cents to $4.07; Applied Materials (AMAT:Nasdaq) , up 38 cents to $16.69; Apple Computer (AAPL:Nasdaq) , up 84 cents to $58.04; and Oracle (ORCL:Nasdaq) , up 12 cents to $14.41. |
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