Veritas (VRTS) 22.29 +0.76 (+3.5%)
Data storage software maker delivers a 5% increase in Q3 (Sept) EPS to $0.22 (consensus of $0.21) and a 11% rise in revenues to $497 mln (consensus of $489.7 mln); Even though US license revenues declined 8% (which mgmt attributed to a strong govt business a year ago), company said on its call that it's on track to reach $2 bln in revenues for the year; Veritas also provided in line earnings and sales guidance for Q4 (Dec);
Adobe Systems (ADBE) 54.97 +1.25 (+2.3%)
Software maker raises its Q4 (Nov) outlook for the second time in 5 weeks; Cites better than anticipated sales of its Acrobat software family; Now sees Q3 (Sept) EPS of $0.40-0.43 on revenues of $410-425 mln; Also initiates bullish FY05 sales guidance at $1.85-1.9 bln (consensus of $1.81 bln); ; Firm said its optimism regarding Acrobat 7 should 'be a catalyst for shares in the remainder of CY04'
RF Micro Device (RFMD) 6.22 -0.15 (-2.4%)
After warning for Q2 (Sept) on Sept 21 (blaming weak sales on certain Asian handset customers), maker of radio frequency devices for cell phones and cable TV modems delivers a roughly in line report - turning in a loss of $0.02; Company follows this up by issuing its 4th consecutive quarterly warning:; On its call, RFMD said it was booked for the low end of the range and was seeing strength with leading OEMs; Stock is approaching its 50-day simple moving average at 6.0 tonight
Cardinal Health (CAH) 42.40 +3.07 (+7.8%)
Having filed with the SEC to delay its FY04 results to account for anticipated restatements, wholesale distributor ends up beating market expectations in Q4 (June); Cardinal Health maintains its bleak EPS targets for 1H05 (down 10-15%) and 1Q05 (down 25%); Says that the SEC has issued a subpoena seeking documents related to compensation for current and former employees and officers; As this investigation is not new, traders have figured that the worst is over for CAH; Stock has plunged 49% from its May highs
Career Education (CECO) 29.91 +1.97 (+7.1%)
After issuing light sales forecasts on July 28, for profit school reports Q3 (Sept) EPS of $0.41 (consensus of $0.39) on revenues that rose 39% to $438.5 mln; Company credited a 24% rise in same school population and a 7% increase in average revenues per student; CECO then guided higher for both Q4 (Dec)/FY04 EPS and sales; Added that it has hired a forensic accountant to assist a committee that is investigating allegations of securities fraud; Stock spikes due to the strong results and the fact that shares are down 60% since May
UTStarcom (UTSI) 17.05 -0.37 (-2.1%)
After guiding lower for Q3 (Sept) twice (on July 27 and Sept 20), networking products company shows upside to the lowered Reuters Estimates top and bottom-line estimates; Company sees Q4 (Dec) and FY04 sales higher, but puts Q4 and FY04 EPS lower; The latter - which has been amplified by a weak gross margin performance this quarter - has sent shares lower; On its call, UTStarcom said that there 'will be volatility in the short term' and pegged Q4 gross margins at 17%; Stock has sold off 42% since early July
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