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| Monday, July 10, 2006 |
| Standard Microsystems (NASDAQ SMSC) shares rose 22% Monday after the company topped earnings estimates for the first quarter and provided an upbeat forecast for the second quarter. The New York-based chip services company said it earned $8.6 million, or 37 cents a share, in the first quarter, up from $3 million, or 15 cents a share, in the same period a year earlier. Excluding special items, the company earned $7.6 million, or 33 cents a share, compared with $4.6 million, or 23 cents a share, a year ago. Revenue rose 25% to $86.1 million. The average estimate of analysts polled by Thomson First Call was for earnings of 24 cents a share on revenue of $83.8 million. The company expects second-quarter revenue of $92 to $96 million and adjusted earnings of 30 to 36 cent a share, also ahead of estimates. Shares were last trading up 21.6% at $24.90. |
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