Cirrus Logic, Inc.(NASDAQ:CRUS) shares are being
halted in after hours as the company reported its second quarter earnings. The
company posted a sharp jump in its bottom line driven by strong sales from its
audio segment. Moreover, the company has projected better than estimated
earnings for the third quarter.
The company now expects to generate revenue of $270
million and $300 million, crushing analysts’ target of $238 million.
In the latest quarter, the company earned $35.4
million, or 51 cents a share on revenue of $193.8 million, compared to a year
ago profit of $11.2 million, or 17 cents a share. On an adjusted basis, the
company earned 79 cents a share,, ahead of analysts’ target by 8 cents.
Gross margin lowered to 51.7% from 53.5%.
Drama is all over playing in Vringo,
Inc.(NYSEAMEX:VRNG) as the stock has recovered almost all of its losses made
earlier in the session.
At around 3 PM, the stock was down as much as 57% to
low of $1.75 as reports
circulate the company has run into a setback in its lawsuit against Google
(GOOG) regarding the latter’s alleged infringement of fundamental patents on
Internet search.
May be the sell off was partly driven by a typo on
PilotOnline.com, which posted
that Vringo was claiming damages of
only $500,000, a figure that was changed to $500 million.
The stock closed lower by 36% to $2.56 in the
regular session. However, the stock is up 34.50% in after hours session to $3.44.
Update: Here is the after hours quote:
Highly speculative stock seeing its' share of volatility. A lot of movement with little to no information, looks like some MM movement to flush out the limit crowd.
ReplyDeleteI do not see it having traded after halting after 3 PM. I see no reflection of it on my Level 2 and Fidelity confirmed that with me. Where do you see it trading?
ReplyDeleteHello Lawrence,
DeleteI have taken the screen shot here. Please have a look. Even I am not sure if it was the technical glitch.
thanks,