Technically the stock is fine, so we'll see what the reaction is today. First support is $7.75ish and second is $7.35 to $7.40. We last sold some 2 weeks ago around $7.90... of course selling almost any stock has been a curse in this market.
A quick flavor on earnings (full report here)
- Wireless communications products supplier TriQuint Semiconductor Inc's (TQNT) first-quarter profit edged past market expectations, helped by a rebound in its networks market and strong demand for smartphones, and the company forecast second-quarter results above estimates.
- The company forecast second-quarter earnings of 15 cents a share, excluding items, on revenue of $200 million to $210 million. Analysts were looking for second-quarter earnings of 13 cents a share, before items, on revenue of $189 million, according to Thomson Reuters I/B/E/S.
- For the first quarter, TriQuint earned $13.7 million, or 9 cents a share, compared with a loss of $15.6 million, or 11 cents a share, a year ago. Excluding items, the company, which supplies equipment to the latest version of Apple Inc's (AAPL) iPhone, earned 12 cents a share, while analysts were expecting 11 cents a share.
- Revenue rose 52 percent to $180.8 million, above analysts' expectations of $175 million. Revenue from its networks market grew 42 percent.
Gross margins improved significantly:
- Gross margin for the first quarter of 2010 was 37.9%, up from 19.6% in the first quarter of 2009. Gross margin increased due to an improved product sales mix and solid factory utilization.
Long TriQuint Semiconductor in fund; no personal position