Tech Data beat estimates and raised guidance after the close on Tuesday, the fifth consecutive quarter the company has trounced Wall Street estimates.
Tech Data’s earnings of 64 cents a share beat analysts’ estimates by 9 cents, and revenues rose 8.6% to $4.77 billion, ahead of $4.73 billion forecasts. The IT products and services company said it expects fourth-quarter earnings of 70-75 cents a share, above 69-cent estimates, and revenue guidance of $5.15-$5.3 billion exceeded $5.08 billion expectations.
Shares of TECD rose 3% after hours.
Also after the close, Google jumped 5% after Goldman Sachs initiated coverage and set a $215 price target on the stock. The Wall Street firm said it expects Google to deliver long-term growth of 25% a year. Analog Devices
beat estimates but warned.
A downgrade to Intel kept stocks in check during Tuesday’s trading session.
The Nasdaq slipped 1 to 2084, the S&P 500 declined a third of a point to 1176, and the Dow gained 3 to 10,492. Volume rose to 1.43 billion shares on the NYSE, and 2.09 billion on the Nasdaq. Advancers led 20-13 on the NYSE, and 17-13 on the Nasdaq. Upside volume was 56% on the NYSE, and 57% on the Nasdaq. New highs-new lows were 291-6 on the NYSE, and 168-32 on the Nasdaq.
Intel fell 3% after CSFB downgraded the stock to “underperform,” saying that AMD
and Texas Instruments
represent better opportunities.
Brocade fell 4% despite strong results and a Merrill Lynch upgrade.
CNT soared 17% after beating estimates, while Wind River
and TiVo
tumbled on their results.
Sirius jumped 12% on strong subscriber growth.