| Shares of Novatel Wireless Inc. hit a 52-week high Monday after it said fourth-quarter earnings and sales could top its previous forecast. Novatel said Monday it expects net income to be within or above its previous guidance range of 2 cents to 4 cents per share, thanks to surging demand for its wireles communications cards. The company also raised its adjusted earnings range to between 13 cents and 14 cents per share and boosted its revenue projection to $76 million. The previous forecasts called for adjusted earnings of 7 cents per share on revenue between $61 million and $63 million. Novatel shares jumped 97 cents, or 8.6 percent, to $12.22 on the Nasdaq during morning trading. The stock has ranged from 48.06 to $12.35 in the past year. "Fourth quarter revenue growth was driven by increased demand in all three prongs of Novatel Wireless' growth strategy _ PC cards, embedded solutions and Ovation fixed-mobile convergence products _ with the Company's ExpressCard product introduction being the most successful in Company history," the company said in a statement. |
