The top after-market NASDAQ Stock Market gainers are: AMERCO, Shutterfly, priceline.com, Carrizo Oil & Gas, and Spreadtrum Communications. The top after-market NASDAQ Stock Market losers are: MIPS Technologies, Cogo Group, Rubicon Technology, Penson Worldwide, and TTM Technologies.
AMERCO (UHAL) stock jumped 12.09 percent to $89.529 in the after-market trading.
Shutterfly, Inc. (SFLY) stock climbed 10.88 percent to $50.3078 in the after-market trading.
priceline.com Inc. (PCLN) stock grew 9.65 percent to $530 in the after-market trading. Adjusted profit for the second quarter was $282.6 million or $5.49 per share, higher than last year's $158.2 million or $3.09 per share. Revenue grew 44 percent to $1.1 billion. Analysts had expected profit of $4.87 per share on revenue of $1.07 billion. For the third quarter, the company expects adjusted earnings of $9.10 to $9.30 per share and revenue growth of 37 percent to 42 percent, while Street predicts profit of $7.94 per share on revenue growth of 35.90 percent.
Carrizo Oil & Gas Inc. (CRZO) stock gained 9.61 percent to $36.5893 in the after-market trading.
Spreadtrum Communications Inc. (SPRD) stock increased 8.47 percent to $14.35 in the after-market trading. Profit for the second quarter was $32.5 million or $0.60 per American Depository Share (ADS), up from $11.1 million or $0.21 per ADS last year. Adjusted earnings were $0.65 per ADS, up from $0.34 per ADS last year. Revenue grew to $160.2 million from $71.4 million. Analysts had expected profit of $0.54 per ADS on revenue of $155.39 million. For the third quarter, the company expects revenue of $172 million to $178 million, while Street predicts $165.85 million. The company also projects third quarter gross margin to be flat at about 42 percent.
MIPS Technologies Inc. (MIPS) stock plunged 27.70 percent to $4.41 in the after-market trading. Adjusted profit for the fourth quarter was $2.27 million or $0.04 per share, down from $7.15 million or $0.15 per share last year. Revenue fell 24 percent to $17.6 million. Analysts had expected profit of $0.07 per share on revenue of $19.72 million. In addition, the company said its vice president and chief financial officer Maury Austin plans to retire. The company is in the process of searching for a new CFO. Austin will continue in the role of CFO until a successor is named.
Cogo Group, Inc. (COGO) stock plummeted 16.67 percent to $3.90 in the after-market trading. Adjusted profit for the second quarter was $8.48 million or $0.22 per share, up from $7.28 million or $0.19 per share last year. Revenue grew 47.9 percent to $134.6 million. Analysts had expected profit of $0.22 per share on revenue of $112.58 million. For the third quarter, the company expects adjusted earnings of $0.15 to $0.16 per share and revenue of $130 million to $140 million, while Street predicts profit of $0.24 per share on revenue of $123.83 million.
"In the second quarter, we earned $17 thousand of service charge from 38 customers and we executed approximately two million dollars worth of orders through cogozon.com. We expect this to ramp well in the second half of 2011. In the short-term, the focus of Cogo 3.0 is on serving our installed customer base. The longer term focus of our e-commerce strategy will gradually shift to focus on accelerating customer acquisitions. We expect a final version of cogozon.com to be market-ready by year-end," said Jeffrey Kang, Chief Executive Officer of Cogo.
Rubicon Technology, Inc. (RBCN) stock fell 14.45 percent to $10.95 in the after-market trading. The company expects third quarter earnings of $0.23 to $0.30 per share and revenue of $28 million to $34 million, while Street predicts profit of $0.61 per share on revenue of $47.68 million. The company reported second quarter profit of $9.91 million or $0.41 per share, up from $3.89 million or $0.18 per share last year. Adjusted earnings were $14.04 million or $0.59 per share. Revenue grew to $43.03 million from $15.79 million. Analysts had expected profit of $0.58 per share on revenue of $42.80 million. The company also said its board of directors has recently authorized a stock repurchase program to purchase up to $25 million of common stock over a period of two years.
Penson Worldwide Inc (PNSN) stock tumbled 11.49 percent to $2.31 in the after-market trading. Loss for the second quarter widened to $30.2 million or $1.06 per share from $7.4 million or $0.29 per share last year. The latest quarter results included a non-cash write down of $26.7 million or $0.94 per share net of tax in conjunction with Penson's initiation of foreclosure proceedings on the majority of the collateral underlying these receivables. Revenue rose to $78.45 million from $71.11 million. Analysts had expected a loss of $0.12 per share on revenue of $79.32 million.
Penson said it estimates the strategic initiatives to generate $24 million of annualized cost savings and generate more than $100 million of regulatory capital through asset sales. The cost savings are expected to begin in the fourth quarter of 2011, ramping up through the first two quarters of 2012. Penson said it is in talks on the potential sale of Penson Financial Services Ltd or PFSL, and has received several other inquiries expressing interest in this business. The company expects a sale of PFSL to result in about $6 million per year in annual earnings improvement. Further, Penson has signed a non-binding letter of intent with Broadridge Financial Solutions Inc. (BR) to broaden the scope of the outsourcing deal, which will increase its annual cost savings under the deal to an anticipated $15 million to $18 million, from the previously expected cost savings of $7 million to $10 million.
Penson has applied to U.S. regulators to combine the operations of Penson Financial Services, Inc. or PFSI and Penson Futures into PFSI. This move is anticipated to free up $30 million in regulatory capital and reduce costs by up to $2 million annually. Further, the company will explore opportunities for strategic initiatives for Penson Financial Services Australia Pty Ltd, through a strategic partnership with a third party or an outright sale. Penson named Bryce Engel to the newly-created post of president and chief operating officer. Engel, who joined the company in 2009, was most recently executive vice president of international operations.
TTM Technologies Inc. (TTMI) stock slid 8.43 percent to $11.30 in the after-market trading. The company expects third quarter adjusted earnings of $0.32 to $0.41 per share and revenue of $365 million to $385 million, while Street predicts profit of $0.46 per share on revenue of $382.02 million. The company reported second quarter adjusted earnings of $32.92 million or $0.40 per share, up from $21.65 million or $0.28 per share last year. Sales grew to $366.12 million from $310.25 million. Analysts had expected profit of $0.40 per share on revenue of $359.72 million.