Tech Stocks: AKAM, PCS Leads – TEX, FTNT, ATX
Akamai Technologies Inc (NASDAQ:AKAM) soared 22.65% to $34.63 after the Company announced second quarter results. Total revenue increased 19.6% year over year to $331.3 million. Gross profit increased 19.5% year over year to $223.8 million. Total operating expenses surged 37.9% year over year to $151.4 million. Net income increased 18.0% year over year to $77.6 million. The Company repurchased approximately 2.0 million shares for an average price of $30.78 per share. Canaccord Genuity increased its price target from $32.00 to $34.00 and rated the stock as hold.
MetroPCS Communications Inc (NYSE:PCS) among the gainers and the stock moved up 33.28% to $8.37 after the Company announced second quarter results. Total revenues increased 6% to approximately $1.3 billion. Adjusted EBITDA was $477 million, an increase of 33%. Net income increased 77% to $149 million. ARPU was $40.62, an increase of $0.13.
Terex Corporation (NYSE:TEX) escalated 26.86% to $17.91 37 after the Company released second quarter results. Income from continuing operations was $83.6 million or $0.75 per compared to income from continuing operations of $0.9 million or $0.01 per share in the second quarter of 2011. Income from operations benefited primarily from improved price realization and greater manufacturing productivity. Net sales increased 35.2% to $2,011.5 million in the second quarter of 2012.
Fortinet Inc (NASDAQ:FTNT) soared 11.52% to $24.97 after the Company announced second quarter results. Total revenue rose 25% to $129.0 million. Total billings were $145.8 million compared to $110.2 million in the prior quarter of 2011. GAAP net income was $14.0 million or $0.08 compared to net income of $14.5 million or $0.09 in the same quarter of 2011.
A.T. Cross Company (NASDAQ:ATX) went down 0.10% to $9.79 subsequent to the Company released second quarter results. Consolidated sales increased 2.2% to $48.8 million. Gross margin in the quarter was 57.0% compared to gross margin of 57.4% in the prior year period. Operating income in the quarter increased 14.9% to $5.6 million. Net income for the second quarter was $3.7 million or $0.28 per diluted share compared to $3.2 million or $0.24 per diluted share in the prior year period.