See comments re Rambus in the article. Sigh....
AP
Aftermarket Movers: Cisco Leads Techs Up
Tuesday February 7, 5:17 pm ET
Cisco Systems Results Lead Technology Stocks Higher
NEW YORK (AP) -- Cisco Systems Inc. led technology issues higher in after-hours electronic trading Tuesday, after the communications equipment giant posted quarterly results that topped Wall Street predictions.
The San Jose, Calif.-based maker of routers used to connect computers to the Internet posted profit -- excluding stock compensation and other costs -- that was a penny ahead of Wall Street projections. Sales rose 9.3 percent from last year, and matched analyst expectations.
Investors rushed into shares of Cisco, considered a bellwether for the entire tech sector. Some 8.9 million shares exchanged hands in after-hours trading when investors sent the stock up 74 cents, or 4.1 percent, to $18.83 on the INET exchange, from their close at $18.09 on the Nasdaq.
Tech leaders such as Intel Corp., Sun Microsystems Inc., Dell Inc., Microsoft Corp., Yahoo Inc., and Google Inc. all moved higher in after-hours trading.
One Silicon Valley stock that didn't have such luck was Rambus Inc., which announced after the market close its chief financial officer will resign.
The Los Altos, Calif.-based chip designer said CFO Robert Eulau will step down March 2 to pursue another unnamed opportunity. Chief Executive Harold Hughes will take over the job temporarily. Shares fell $1.15, or 4 percent, to $27. after closing at $28.71 on the Nasdaq.
Another Nasdaq-listed stock making waves after the closing bell was Encore Wire Corp. Shares leapt $5.17, or 18 percent, to $34.10 on the INET after closing at $28.93.
The maker of copper wire and cable used by the construction industry reported fourth-quarter earnings per share of $1.50 -- while analysts expected only 35 cents per share. Margins expanded "significantly" during the fourth quarter, the company said.
Also gaining was Ikanos Communications Inc., which designs high-speed programmable chips. The Fremont, Calif.-based company reported fourth-quarter profit beat Wall Street estimates by a penny on a 55 percent jump in sales from a year earlier. Investors sent shares up 88 cents, or 4.4 percent, to $20.90 in after-hours trading on the INET, from their Nasdaq close of $20.02.
Icos Corp., a drug maker that co-markets the impotence treatment drug with Eli Lilly & Co., reported it swung to a fourth-quarter profit. However, results weren't enough to beat Wall Street projections -- and shares were sent lower by 99 cents, or 4 percent, to $23.75 after the bell, from their Nasdaq close at $24.74.
