The top after-market NASDAQ stock market gainers are: Seagate Technology, Angie's List, Central European Distribution, Shanda Games and Federal-Mogul. The top after-market NASDAQ stock market losers are: Susser Holdings, Alaska Communications Systems Group, Smart Balance, Anadigics and Aruba Networks.
Seagate Technology PLC (STX) stock grew 9.38 percent to $17.49 in after-market trading. The company expects second quarter revenues of about $2.8 billion, while Wall Street predicts $2.64 billion. The company now expects to ship about 43 million units of hard disk drives for the second quarter, matching a previous forecast of 41 million to 45 million units. For the second quarter, it expects gross margin to be 150 to 300 basis points above the high-end of its long-term, targeted gross margin range of 22 percent to 26 percent. The company said its guidance excludes expenses related to the acquisition of Samsung Electronics Co., Ltd's hard disk drive business and any revenue or operating expenses of the acquired business after the closing date, which cannot be estimated at this time. The company still expects to close the acquisition of Samsung's hard disk drive business by the end of December.
Looking ahead to the third quarter, Seagate anticipates revenues of at least $3.75 billion, while Wall Street predicts $3.24 billion and unit shipments to increase sequentially. The company expects third-quarter gross margins to be at least 300 basis points above the targeted range of 22 percent to 26 percent. The third quarter outlook assumes the Samsung acquisition closes in December, excludes certain costs related to the integration of the acquired Samsung hard disk drive operations, which cannot be estimated at this time. Seagate said it continues to believe hard disk drive supply will be significantly constrained for several quarters, as a result of extensive flooding in Thailand. The company said its component and disk drive factories in Thailand have not been directly affected by the flood but its ability to make hard disk drives has been impacted due to external component supply constraints.
Angie's List, Inc. (ANGI) stock gained 7.69 percent to $14 in after-market trading.
Central European Distribution Corp. (CEDC) stock increased 6.18 percent to $3.61 in after-market trading.
Shanda Games Ltd. (GAME) stock gained 3.84 percent to $4.60 in after-market trading.
Federal-Mogul Corp. (FDML) stock increased 2.67 percent to $14.25 in after-market trading.
Susser Holdings Corp. (SUSS) stock slid 3.58 percent to $24.27 in after-market trading. The company said it has commenced an underwritten public offering of about 3.5 million shares of its common stock. The company will grant the underwriters an option to purchase up to 525,000 additional shares. The company said it plans to use the net proceeds from this offering for growth capital for new store development and general corporate purposes which may include opportunistic debt reduction, from time to time, based on market conditions.
Separately, Susser Holdings said it intends to accelerate its new retail store building program in 2012, with an estimated 25 to 30 Stripes convenience stores expected to be built next year. The company expects its annual rate of new builds to grow from 19-20 stores in 2011 to 25-30 new Stripes convenience stores in 2012. Each store will include the proprietary Laredo Taco Company restaurant, which has been a major driver of same-store sales growth since the concept was initiated in 2001. In addition to its retail store expansion, the company also expects to add 25-35 new contracted dealer sites to its wholesale business during 2012 to be supplied by its Susser Petroleum subsidiary.
Alaska Communications Systems Group Inc. (ALSK) stock decreased 3.35 percent to $5.20 in after-market trading.
Smart Balance, Inc (SMBL) stock declined 1.65 percent to $5.35 in after-market trading.
Anadigics, Inc. (ANAD) stock decreased 1.42 percent to $2.09 in after-market trading.
Aruba Networks, Inc. (ARUN) stock declined 1.35 percent to $19.73 in after-market trading.