Shares of PMC-Sierra Inc. (NASDAQ: PMCS), a designer, developer and marketer of semiconductor solutions through a network of offices in North America, are seeing a huge rally in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended December 29, 2012, PMCS reported net revenue of $129.4 million, down 2% on a sequential basis. The company’s GAAP net income for the quarter was $11.1 million, or $0.05 per share, compared to a net loss of $274.4 million, or $1.31 per share reported in the previous quarter. On a non-GAAP basis, the company reported net income of $25.1 million, or $0.12 per share, compared to $21.4 million, or $0.10 per share reported in the previous quarter.
Greg Lang, President and CEO of PMC-Sierra, said that the company is pleased to report that its fourth-quarter results were at the high end of its outlook, despite continued headwinds in the macro environment.
At last check, PMCS shares were trading 14.01% higher at $6.59 on above average volume of 3.16 million. The stock hit an intra-day high of $6.84 earlier today.
Shares of Merck & Co. Inc. (NYSE: MRK), a global healthcare company delivering health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, are down sharply in trading today after the company reported its fourth-quarter results.
Merck, which is the world’s third-biggest drug maker in terms of revenue, reported net income of $1.4 billion, or $0.46 per share for the quarter, down from $1.51 billion, or $0.49 per share reported for the same period in the previous year. Excluding one-time items, the Whitehouse Station, New Jersey-based company reported earnings of $2.54 billion, or $0.83 per share. Analysts were expecting MRK to report fourth-quarter adjusted earnings of $0.81 per share.
Merck’s revenue for the quarter fell 5% to $11.74 billion. Analysts had forecast fourth-quarter revenue at $11.47 billion. The company’s sales for the quarter fell due to generic competition for asthma and allergy drug Singulair.
MRK shares fell to an intra-day low of $41.51 in trading today. At last check, the stock was trading 2.77% lower at $42.05 on above average volume of 14.88 million.
Shares of Cavium Inc. (NASDAQ: CAVM), a designer, developer and marketer of semiconductor processors for intelligent and secure networks, are up sharply in trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended December 31, 2012, CAVM reported revenue of $66.4 million, up 8.7% on a sequential basis. The company reported GAAP net loss of $78.8 million, or $1.56 per share for the fourth quarter, compared to $8.1 million, or $0.16 per share reported in the previous quarter. On a non-GAAP basis, the company reported net income of $10.6 million, or $0.20 per share for the quarter, compared to non-GAAP net income of $7.8 million, or $0.15 per share reported for the same period in the previous year.
CAVM shares rose to an intra-day high of $36.27 in trading today. At last check, the stock was trading 7.39% higher at $35.91 on above average volume of 1.69 million.
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