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Stocks to watch Friday
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July 13, 2000: 7:05 p.m. ET
Dallas Semi, Iomega, and PMC-Sierra report strong quarterly results
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NEW YORK (CNNfn) - After the bell on Thursday, technology companies Iomega, PMC-Sierra and Dallas Semiconductor reported quarterly results that outpaced Wall Street analysts' expectations.
In addition, PC maker Gateway reported a second-quarter profit that narrowly beat estimates.
Further, Web equipment maker Juniper Networks reported fiscal second-quarter net income that was double analysts' estimates, as its revenue soared 544 percent from a year ago.
Looking ahead, several economic reports are due out Friday, beginning at 8:30 a.m. with retail sales for the month of June from the Commerce Department. Reports on the number of retail sales excluding auto sales are due out.
Also at 8:30 a.m., the Labor Department is scheduled to release the producer price index for the month of March. The index reflects what it costs manufacturers to produce various goods. Reports on total producer prices and prices excluding volatile items such as food and energy costs.
Iomega
Disk drive maker Iomega Corp. said its second-quarter net income was $40.4 million, or 15 cents a share, compared to a second quarter 1999 loss of $47.1 million, or a loss of 17 cents a share. Second quarter 2000 revenue fell to $303.6 million compares to second quarter 1999 revenue of $348.8 million.
The results included $15.3 million, or 5 cents a share, attributable to a decrease in the company's valuation allowance for net deferred tax assets, and also included $2.5 million, or 1 cent a share, attributable to a reversal of restructuring charges previously recorded.
Analysts surveyed by First Call had expected the company to report a profit of 6 cents a share.
For the first six months of 2000, Iomega's revenue totaled $648.5 million, compared to $735.0 million for the first six months of 1999.
Shares of Iomega (IOM: Research, Estimates) fell 1/16 to 3-7/8 in Thursday trade.
PMC-Sierra
Canadian communications chip maker PMC-Sierra Inc. reported pro forma second-quarter earnings, before one-time items, of $39 million, or 23 cents a share, compared with $13.4 million, or 9 cents a share, in the same quarter last year.
Analysts had expected the company to earn 19 cents a share, according to First Call.
Including acquisition charges, compensation and one-time gains, the Burnaby, British Columbia-based company reported net income of $49.9 million, or 30 cents a share, compared with $35 million and 23 cents a share a year ago.
Second-quarter revenue rose 124 percent to $134.1 million, versus $59.9 million in the second quarter 1999.
Shares of PMC-Sierra (PMCS: Research, Estimates) jumped 20-7/8 to 228-15/16 on Thursday.
Vitesse Semiconductor
Vitesse Semiconductor Corp. said its fiscal third-quarter pro forma net income, which excludes the certain acquisition related costs, was $32.1 million or 17 cents a share, compared to net income of $15.2 million or 8 cents in the third quarter of fiscal 1999.
The results matched analyst expectations.
Revenue in the third quarter of fiscal 2000 rose 56 percent to $114.1 million, up from $73.3 million in year-ago quarter.
Shares of Camarillo, Calif.-based Vitesse (VTSS: Research, Estimates) rose 6-3/4 to 86-11/16 on Thursday.
Dallas Semiconductor
Dallas Semiconductor Corp. beat Wall Street consensus estimates for the second quarter as the telecommunications chip maker saw significant growth in its communications product group and increased shipments to North America, Asia and Europe.
The Dallas-based company's net income rose 52 percent to $24.4 million, or 38 cents per share, from the $16.0 million, or 26 cents per share, earned in the second quarter of 1999.
Wall Street analysts polled by First Call were expecting a profit of 36 cents per share for the quarter.
Sales for the quarter were $129.8 million, up 39 percent from the $93.6 million in sales from the same quarter of 1999.
Compared to a year ago, the company's communications product group saw 91 percent growth in sales, while its mixed-signal products group saw 41 percent growth.
Shares of Dallas Semiconductor (DS: Research, Estimates) rose 1-15/16 to 45-3/16 on Thursday.
After-hours quotes on CNNfn
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-- from staff and wire reports
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