The top pre-market NASDAQ Stock Market gainers are: ASML Holding, Rediff.com India, Intel, Sify Technologies, Aixtron, and Wynn Resorts. The top pre-market NASDAQ Stock Market losers are: Cree, TriMas, and Adobe Systems.
ASML Holding NV (ASML) stock jumped 8.02 percent to $41.36 in the pre-market trading.
Rediff.com India Ltd. (REDF) stock advanced 6.34 percent to $11.57 in the pre-market trading. The stock touched a new 52-week high of $11.37 on Tuesday.
Intel Corp. (INTC) stock climbed 6.14 percent to $21.08 in the pre-market trading. Adjusted profit for the first quarter was $3.3 billion or 59 cents a share, up from $2.5 billion or 43 cents a share last year. Revenue rose 25 percent to $12.9 billion, while adjusted revenue was $12.88 billion. Analysts had expected profit of 46 cents a share on revenue of $11.6 billion. Intel's results came as big relief for investors after chipmaker Texas Instruments Inc.'s (TXN) disappointing results yesterday.
Intel expects second quarter revenue of $12.8 billion, plus or minus $500 million, and adjusted revenue of $12.85 billion, plus or minus $500 million. Street analysts predict revenue of $11.87 billion. GAAP gross margin for the second quarter is expected to be 64 percent, plus or minus a couple percentage points, while adjusted gross margin is expected to be 62 percent plus or minus a couple percentage points. For the full year 2011, the company still expects gross margin of 63 percent, plus or minus a few percentage points, while adjusted gross margin is expected to be 64 percent plus or minus a few points.
Worldwide semiconductor revenues in 2010 rose more than 24 percent to $282 billion, with strong industry recovery across all market verticals, regions, and device categories, according to the latest version of the International Data Corp. Semiconductor Application Forecaster. Intel was the overall market leader, followed by Samsung. IDC expects 6 percent to 8 percent revenue growth in 2011.
Sify Technologies Ltd. (SIFY) stock grew 6.04 percent to $6.85 in the pre-market trading.
Aixtron SE (AIXG) stock gained 6 percent to $42.40 in the pre-market trading.
Wynn Resorts Ltd. (WYNN) stock rose 4.86 percent to $145.68 in the pre-market trading, as its first quarter earnings and revenue exceeded Street view. Adjusted profit was $173.4 million or $1.38 a share, up from $33.8 million or $0.27 a share last year. Revenue rose to $1.26 billion from $908.9 million. Analysts had expected profit of $0.72 a share on revenue of $1.14 billion. The company's board has also approved a cash dividend for the quarter of $0.50 a common share, payable on May 17 to stockholders of record May 3.
Cree Inc. (CREE) stock fell 6.15 percent to $38.30 in the pre-market trading, as it guided fourth quarter earnings below Street view. The company expects fourth quarter adjusted earnings of 25 cents to 31 cents a share and revenue of $225 million to $245 million, while Street predicts profit of 36 cents a share on revenue of $243.79 million.
Cree reported third quarter adjusted earnings of $30.1 million or 27 cents a share, down from $51.3 million or 47 cents a share last year. Revenue fell to $219.2 million from $234.1 million. Analysts had expected profit of 29 cents a share on revenue of $217.43 million. The results reflect both our continued success in LED lighting and the challenges of managing the LED chip and components business through a business cycle with short lead-times and low order visibility, said Chuck Swoboda, chief executive officer of Cree.
TriMas Corp. (TRS) stock tumbled 3.27 percent to $20.71 in the pre-market trading. The company said Heartland Industrial Associates, L.L.C., has agreed to sell 4 million shares of its common stock to Deutsche Bank Securities Inc. as the sole underwriter in the registered public offering of those shares. All net proceeds from the sale of the common stock will be received by the selling stockholder. TriMas will not receive any of the proceeds. The total number of outstanding shares of TriMas common stock will not change as a result of this offering.
Separately, TriMas said it expects first quarter earnings from continuing operations of 32 cents to 35 cents a share, compared to 17 cents a share last year. The company expects sales to grow about 22 percent to 23 percent from last year for a total of $268 million to $271 million. Street analysts predict profit of 28 cents a share on revenue of $233.11 million.
In 2011, the company continues to expect year-over-year sales and earnings growth. In February, the company had expected 2011 sales to grow 6 percent to 9 percent, compared to 2010. The company also expected 2011 earnings from continuing operations of $1.40 and $1.50 a share, excluding any future events that may be considered special items. Analysts expect earnings of $1.46 a share on revenues of $1.01 billion for fiscal 2011.
Adobe Systems Inc. (ADBE) stock declined 1.46 percent to $33.16 in the pre-market trading. FBR Capital Markets downgraded its rating on shares of Adobe to underperform from market perform and lowered its price target to $28 from $33. Our downgrade is mainly predicated on two items: we believe the company’s flagship offering, Creative Suite (CS), is losing its ability to drive Adobe’s business, and we don’t see much to materially offset this; and we believe the company’s model is stuck, and its efforts to drive more recurring revenue will be difficult, said David Hilal, an analyst at FBR Capital Markets.