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CNNfn after the bell
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November 10, 1998: 5:29 p.m. ET
Microsoft, Qualcomm announce joint venture; Intel expects strong 4Q profits
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NEW YORK (CNNfn) - A deal between software giant Microsoft and Qualcomm loomed large in after-hours news, as did an announcement by chipmaker Intel that its fourth-quarter profits would exceed expectations.
Microsoft Corp. (MSFT) and Qualcomm Corp. (QCOM) unveiled a joint venture focusing on wireless data communications, information technology, and computing. The new company, to be called WirelessKnowledge LLC, will be headed up by John Major, currently president of Qualcomm's Wireless Infrastructure Division. Microsoft stock climbed to 113 in after hours trading, after closing at 112-1/16. Shares of Qualcomm jumped to 58, after finishing at 56-7/8.
Intel Corp. (INTC) announced that an unexpected increase in global demand for PC products will result in better-than-expected fourth-quarter results. The chipmaker said revenue will exceed the $6.7 billion reported in the third quarter by eight to 10 percent. Separately, Bankers Trust Alex. Brown upgraded the company to a "strong buy" from "market perform." Shares of Intel jumped to 100-1/4 in after hours trading, having closed at 97-9/16.
Abercrombie & Fitch Co. (ANF) plowed through earnings estimates, reporting a stellar profit of $24.9 million or 47 cents per diluted share, up from last year's $10.4 million or 20 cents per diluted share. Analysts surveyed by First Call had predicted earnings per share of 35 cents.
Omnipoint Corp. (OMPT) reported a larger-than-expected third-quarter loss of $157 million or $2.98 per share, compared with $180.3 million or $3.43 per share one year ago. Analysts had forecast a per share loss of $2.93. The company's stock firmed to 8-13/16 in after hours trading, after finishing at 7-13/16.
Pacific Sunwear of California Inc. (PSUN) reported better-than-expected third-quarter results, beating Wall Street estimates by 1 cent. The company earned $8.1 million, or 38 per cents per diluted share, above last year's $5.8 million, or 27 cents per diluted share.
International FiberCom, Inc. (IFCI) posted third quarter profits, before a one-time charge, of $2.91 million or 11 cents a diluted share, in line with analysts' expectations. Last year, the telecom company's net income totaled $1.19 million or 6 cents per diluted share. 
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