Etoys jumps on Q2 report; Cisco Systems, Intel edge up
By Tomi Kilgore, CBS.MarketWatch.com
Last Update: 8:07 AM ET Oct 31, 2000
NEW YORK (CBS.MW) - Shares of Alacatel rallied in pre-market trading Tuesday after the company exceeded third-quarter profit estimates and raised its revenue forecasts going forward.
The France-based telecom equipment maker's stock (ALA: news, msgs) jumped $5.87, or 10 percent, to $63 in Instinet. The company said net income for the period was 297 million euros ($249.5 million), compared with 83 million euros ($69.7 million) in the year-earlier period, and analyst expectations of a 260 million euro ($218.4 million) profit. See full story.
Separately, the company's optics business said sales should be closer to 7 billion euros ($5.88 billion) than the 6.5 billion euro ($5.46 billion) forecast. Alacatel's stock has been under pressure, along with the rest of the fiber-optics sector, after disappointing fiber-optic sales numbers from Nortel Networks (NT: news, msgs) last week. Nortel added $1.25 to $41.25 in Instinet.
Among others in the fiber-optic space, JDS Uniphase (JDSU: news, msgs) rose $1.56 to $72.88 in Instinet.
Etoys (ETYS: news, msgs) climbed 63 cents, or 17 percent, to $4.38 over the Island ECN. The online toy retailer reported late Monday that it lost 33 cents a share in its fiscal second quarter, compared with a per-share loss of 27 cents recorded in the year-earlier period. Analysts polled by First Call expected a loss of 35 cents a share. Revenue rose 95 percent, to $26 million. See full story.
The company expects its third quarter to be the first quarter to show a decreased year-over-year loss. Sales are expected to be between $210 million and $240 million.
Cisco Systems (CSCO: news, msgs) edged up 19 cents $48.25 in Instinet. The stock fell 5.2 percent on Tuesday after Lehman Bros. analyst Tim Luke cut his price target on the stock to $60-$65 from $90, saying uncertainty over capital expenditure spending "may continue to suppress its multiple."
Among other stocks seeing activity, Intel (INTC: news, msgs) tacked on 25 cents to $45.25 in Instinet.
Stock futures posted gains in the early going, indicating a positive open to U.S. share markets. December S&P futures (WP=Z0: news, msgs) added 2.90 to 1,414.10. That was about 4 1/2-points above fair value, according to figures provided by HL Camp & Company. Nasdaq 100 futures (AH=Z0: news, msgs) advanced 49.50 to 3,157.00.