LSI up 12.5% in AH on its upward revision and bullish comments. (Suppose OVTI comes out with an upward revision!!) _______________________________________
UPDATE 1-LSI Logic raises 4th-qtr revenue outlook, shares up Tue Jan 4, 2005 04:32 PM ET (Adds details on financial outlook, CEO, stock movement) SAN FRANCISCO, Jan 4 (Reuters) - LSI Logic Corp. (LSI.N: Quote, Profile, Research) , a maker of chips used in data storage and communications products, raised its fourth-quarter revenue target and said it expected a smaller net loss, citing strong storage and consumer demand.
Shares of the company rose nearly 12 percent in after-hours trading on Tuesday.
Revenue in the quarter is now expected to reach $415 million to $420 million, from an earlier target of $360 million to $390 million, LSI said in a statement.
Its loss in the quarter, including an asset impairment charge, is now expected to be 53 cents to 55 cents a share, improved from the range of 54 cents to 57 cents the company had previously targeted.
Excluding special items, LSI said it expects a profit of 1 cent to 3 cents a share, up from a prior projection of a loss of 2 cents to 5 cents a share.
LSI had previously faced weaker demand as a result of swollen chip inventories in the hands of suppliers.