Technology Sector Review: Perfect World on the Hot Seat, Acuity Brands Soars
LeCROY Corporation (NASDAQ:LCRY) skyrockets after announcing it expects FQ2 (ended in December) revenue of $51.1M and EPS of $0.30; the latter is in-line, while the former beats consensus by $0.8M, assuaging fears that macro issues would affect demand for LeCroy’s electronics testing gear. LeCroy also says its board has approved a new 5M share buyback, good for 30% of outstanding shares. The shares closed at $11.13, up $1.65, or 17.41%, on the day.
Lighting fixture maker Acuity Brands, Inc. (NYSE:AYI) soars after reporting FQ1 sales of $474.3M and EPS of $0.74, beating Street estimates by $8.2M and $0.15. The company’s operating margin rose 50 bps Y/Y, to 11.2%. Acuity is also reiterating its forecast for low-to-mid single-digit growth for the North American lighting market in its fiscal 2012. The shares closed at $54.94, up $4.62, or 9.18%, on the day.
“DSP Group, Inc. (NASDAQ:DSPG) fourth quarter revenues are better than previously expected driven by improved demand for our products; we view this as a positive sign indicating improved market conditions,” stated Ofer Elyakim, CEO of DSP Group. “We continued our share buyback activity and repurchased approximately 500,000 shares for approximately $3.2 million during the fourth quarter, which brings the total number of shares repurchased during this fiscal year to approximately 1.3 million shares,” he added. The shares closed at $5.67, up $0.42, or 8%, on the day.
TESSCO Technologies, Inc. (NASDAQ:TESS) says Q3 revenue $225 million versus Wall Street consensus of $206.69 million. TESS shares closed at $15.08, up $0.98, or 6.95%, on the day.
Susquehanna spoke with Perfect World Co. (NASDAQ:PWRD) management who refuted the circulating comments about its CEO Chi Yufeng and said the CEO is seeking legal actions toward the creator. The shares closed at $8.81, down $3.19, or 26.58%, on the day.