The biggest earnings blowouts seem to be coming from the most unlikely places lately.
Take Tech Data
. The computer products distributor soared 11% Thursday after reporting earnings of 59 cents a share, 10 cents ahead of estimates. Competitor Ingram Micro
It’s been some time since Tech Data lit the world on fire, but that hasn’t been the worst thing for TECD investors the last four years. The stock is 29% off its all-time high, compared to 60% for the Nasdaq.
At a price-to-earnings ratio of 19 before last night’s results, the stock is also much cheaper than the average tech stock. And that leaves room for more surprises to be received favorably.
Blue chips posted strong gains Thursday on falling oil prices and interest rates and better than expected weekly jobless claims.
The Nasdaq rose 8 to 1984, the S&P 500 added 6 to 1121, and the Dow gained 95 to 10,205. Volume rose to 1.45 billion shares on the NYSE, and 1.64 billion on the Nasdaq. Advancers led 23-10 on the NYSE, and 16-14 on the Nasdaq. Upside volume was 72% on the NYSE, and 66% on the Nasdaq. New highs-new lows were 80-18 on the NYSE, and 78-23 on the Nasdaq.
After the close, Novellus
raised guidance, and Ditech Communications
beat estimates. Blue Coat
missed estimates and warned.
During the day, Opsware
gained 4% after beating estimates.
climbed 6% on the international launch of Napster.
jumped 9% on rumors of contract wins.
plunged 30% on a warning.
slipped on VoIP plans.
was halted after filing for bankruptcy.
Market Commentary: For our free daily market commentary and technical analysis, please visit the InternetStockReport.com home page at: