RealTime IT News

Computer Sciences Posts Solid Results

Computer Sciences beat earnings estimates after the close on Thursday, but the company's sales came in a little light of forecasts.

CSC's earnings of 71 cents a share were three cents ahead of analysts' estimates, but sales of $3.57 billion, while up 5.3% from the year-ago quarter, was below Wall Street estimates of $3.63 billion.

CSC also reaffirmed December quarter estimates, raising sales guidance slightly to $3.8 billion.

Earlier in the day, the IT services giant announced that CFO Lee Level will become a corporate vice president working on strategic projects. Finance vice president Michael Keane will take over the CFO post.

The moves come amid reports that first appeared in the Wall Street Journal last week that Lockheed Martin and three private equity firms are weighing a buyout of CSC for as much as $64-$65 a share, more than 20% higher than the stock's close on Thursday.

Also after the close, Oracle announced the departure of CFO and co-president Greg Maffei just four months into his tenure at the company.

Stocks posted solid gains Wednesday on a Labor Department report that showed big productivity gains with little wage pressures in the third quarter, as traders shook off solidly higher oil prices.

The Nasdaq rose 16 to 2160, the S&P 500 rose 5 to 1219, and the Dow climbed 50 to 10,522. Volume rose to 2.72 billion shares on the NYSE, and 2.37 billion on the Nasdaq. Advancers led 16-15 on the NYSE, and 16-13 on the Nasdaq. Upside volume was 59% on the NYSE, and 64% on the Nasdaq. New highs-new lows were 180-86 on the NYSE, and 182-50 on the Nasdaq.

Priceline rocketed 26% on strong earnings and guidance and a 40% jump in travel bookings. Qualcomm gained 9% after raising guidance above Wall Street forecasts.

Scientific Atlanta climbed 5% on reports that the company is seeking a buyer.

Symbol , BMC Click Commerce jumped on their results.

McData fell 6% on a warning, and Macrovision tumbled 13% on its results and outlook.