After-Hours Stock Gappers (January 23, 2008) (FFIV, TRMB, SYMC, PLXS, PLCM, CBST, WDC)

We have covered some of the earnings movers in after-hours already, but with earnings season now running full-tilt there are many other stocks that are gapping up.  Here are some of the more active stocks gapping higher:

• F5 Networks (NASDAQ: FFIV) posted a 21% drop in earnings but gave adjusted EPS guidance above street projections; announcing a $200 million share buyback plan probably didn’t hurt either.  This one is volatile as can be with a 52-week trading band of $18.11 to $46.94.  Shares closed down 1% at $20.18 on the day, but shares are up almost 20% at $24.20 after the bell.
• Trimble Navigation (NASDAQ: TRMB) must have gotten tired of all the negative valuation calls on GPS systems.  The company raised its Q4 2007 earnings and revenue guidance and reiterated its 2008 revenue plan.  Its $250 million buyback plan for common stock didn’t do any disfavors.  Shares closed down over 2% at $23.85 today, but shares are up 15% at $27.45 after-hours; 52-week trading range is $22.51 to $43.15. 
• Symantec (NASDAQ: SYMC) probably got tired of us calling them a turnaround that hasn’t turned and its CEO John Thompson must not like us calling him out.  We’re glad because we actually like the company and its strategy, even if Wall Street has disagreed with the plan for longer than holders care to recall.  We even recently noted that the company looks like it is changing some of its stripes.  The data security software and storage provider put next quarter guidance at $0.33 to $0.35 non-GAAP EPS on revenues of $1.5 to $1.54 Billion; First Call had targets at $0.30 & $1.48 Billion.  Shares rose 1.6% to $15.26 after touching a new 52-week low today and shares are now up about 8.5% at $16.55.
• Plexus Corp. (NASDAQ: PLXS) rose 7% in normal trading to $19.84.  But the company raised guidance to $0.46 to $0.51 adjusted EPS on revenues of $440 million to $460 million, compared to estimates of $0.42 & almost $430 million.  That was enough to take shares up another 8.3% to $21.50 in after-hours trading.
• Polycom (NASDAQ: PLCM) showed that video and IP phones are still selling well after a report of $0.42 EPS on a 41% gain in revenues to $263.3 million.  First Call had estimates at $0.39 & $252.5 million.  Shares were down 1.3% at $22.28 in regular trading but shares rose some 7.7% to $24.00 in the after-hours session; its 52-week trading range is $21.38 to $36.61.
• Cubist Pharmaceuticals (NASDAQ: CBST) closed down 0.5% at $20.23 in normal trading, but then the company posted earnings on strong sales of Cubicin.  The company posted a non-GAAP EPS for all of 2007 at $1.20 on $194.7 million in revenues.  At year-end Cubist had $398.3 million in cash, cash equivalents and investments.  It now sees Cubicin sales in 2008 to reach $370 to $385 million, while analysts expect total revenues of just under $384 million.  Volume was a bit thin but its shares rose another 7% to $21.72 in after-hours trading; its 52-week range is $17.01 to $25.72.
• Western Digital (NYSE: WDC) didn’t want to be left out of the fun.  The number two hard drive maker posted earnings of $1.35 EPS, well above the $1.04 consensus estimate; Revenues were $2.2 Billion versus a $2.05 Billion estimate.  This one had already raised guidance.   Now the company targets the coming quarter at $0.85 to $0.91 EPS with revenues up to $2 Billion, while estimates from First Call are $0.80 & $1.9 Billion.  This one traded up 3.7% to $24.94 today, but shares rose another 7% to $26.65 in after-hours trading .  Maybe companies that raise guidance can really be trusted to beat that guidance.  This was our top buyout candidate into 2007 when the private equity firms could have acquired it on the cheap, but that’s their loss.

Have a great night and get ready for Microsoft earnings Thursday after the close.

Jon C. Ogg
January 23, 2008