Adtran Pops Up On Solid Earnings (ADTN, SLAB, LLEN, AVP, VMW)
ADTRAN, Inc. (NASDAQ:ADTN) stock climbed 5.97% to $30.17 in the early hour after the company’s first quarter profit and sales declines but tops view.
The company posted a first quarter net income of $12.96 million or $0.20 per share, from $34.26 million or $0.52 per share in the year-ago quarter. Total sales for the quarter dropped to $134.74 million from $165.52 million in the same quarter last year. Analysts expected earnings of $0.20 per share on revenue of $134.15 million for the first quarter.
Silicon Laboratories (NASDAQ:SLAB) stock gained 6.41% to $43.18 in the morning hour after the company was upgraded by analysts at Wunderlich from a hold to buy and the price target increased to $50.00 from their previous price target of $44.00.
Additionally, the company had also introduced a single-port Power over Ethernet (PoE) controller that brings economical “plug-and-play” simplicity to embedded power sourcing equipment (PSE) designs.
L&L Energy, Inc. (NASDAQ:LLEN) shares climbed 3.93% to $2.38 in the early hour after the company announced that it has signed a long-term sales contract with Guodian Yongfu Power Generation Co., Ltd. As per the agreement, L&L will provide 20,000 tons of thermal coal per month over the next eight months to Yongfu Power. The contract can be extended after the initial eight months.
Avon Products, Inc. (NYSE:AVP) shares increased 1.94% to $22.65 in the morning hour. The company yesterday announced that its Board of Directors has appointed Sherilyn S. (Sheri) McCoy as Chief Executive Officer. Ms. McCoy will join Avon with effect from April 23, 2012, and will also serve as a director on the company’s Board.
VMware, Inc. (NYSE:VMW) stock fell 1.05% to $109.21 in the early hour after the company said that its Chief Financial Officer, Mark Peek, will leave the company from June 1, 2012, to join Workday Inc. The earnings of the company have more than doubled to $723.94 million since 2008, the first full-year since Peek joined. The company is commencing a search to replace him.