Full Capacity by September Quarter
The hard-disk drive maker beat forecasts for top and bottom lines for its fiscal second quarter and said it is well on the way back to recovering from damage sustained in last year's Thailand flooding. The company posted earnings of $1.15 per share on $2 billion in revenue after the market closed yesterday, compared with the $0.71 EPS and $1.84 billion in revenue that analysts were looking for. Management said it expects to see 60 percent of normal production by the end of March and full capacity by the September quarter. WDC is up nearly 5 percent on tradeMONSTER's extended-hours platform.
InterDigital Won't Sell; Stock Plunges
The wireless-technology company saw its shares plummet after announcing last night that its board had voted against selling the company, recommending instead that InterDigital sell patents. The stock skyrocketed last July on speculation it would be bought by Google, doubling its price to $82.50 in just three days, but the shares have fallen back to their original levels. IDCC is down more than 16 percent this morning.
Polycom Spikes Higher on Earnings
The videoconference-equipment manufacturer last night reported fourth-quarter adjusted earnings of $0.41 per share, easily beating the consensus estimate of $0.29 EPS. Revenue came in at $407 million versus an expected $340 million. The company cited strong sales in emerging markets, particularly Asia, where its business grew 42 percent in the last quarter. PCLM is up more than 14 percent in the pre-market.
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