Oct 13, 2001 : Juniper Surges on Quarterly Earnings
📅 - The telecom sector got a rare boost on Friday after Juniper Networks posted better-than-expected quarterly earnings late Thursday, sending shares in the equipment maker surging when trading resumed.
Juniper, which trades on the Nasdaq under the ticker symbol JNPR, picked up a whopping $4.42, or 26.56%, to finish the day at $21.06.
The company hit its 52-week low of $8.90 less than three weeks ago.
Quarterly revenues for the company rose to $201.7 million from $201.2 million, which beat analysts' average expectation of about $188 million.
"The ability to deliver a strong bottom line in difficult times is strategic," said Scott Kriens, Chairman and CEO of Juniper Networks. "Our focus on financial fundamentals enables us to fund and extend our product and technology advantages in support of our long-term vision of building the new public network."
Both Salomon Smith Barney and Thomas Weisel Partners rewarded the company with upgrades in its rating. SSB upgraded the company from Neutral to Outperform, while Thomas Weisel Partners upgraded Juniper from Market Perform to Buy.
The news also sent shares in European telecoms rising, with France's Alcatel and Britain's Marconi both feeling the benefits. However, Juniper's good news could eventually mean bad news for European telcos.
"Juniper expressed surprise its business in Europe was quite strong, but potentially they gained share from the likes of Lucent, Nortel, Alcatel and Siemens (siegn.de)," a London-based analyst told Reuters.
Juniper, which trades on the Nasdaq under the ticker symbol JNPR, picked up a whopping $4.42, or 26.56%, to finish the day at $21.06.
The company hit its 52-week low of $8.90 less than three weeks ago.
Quarterly revenues for the company rose to $201.7 million from $201.2 million, which beat analysts' average expectation of about $188 million.
"The ability to deliver a strong bottom line in difficult times is strategic," said Scott Kriens, Chairman and CEO of Juniper Networks. "Our focus on financial fundamentals enables us to fund and extend our product and technology advantages in support of our long-term vision of building the new public network."
Both Salomon Smith Barney and Thomas Weisel Partners rewarded the company with upgrades in its rating. SSB upgraded the company from Neutral to Outperform, while Thomas Weisel Partners upgraded Juniper from Market Perform to Buy.
The news also sent shares in European telecoms rising, with France's Alcatel and Britain's Marconi both feeling the benefits. However, Juniper's good news could eventually mean bad news for European telcos.
"Juniper expressed surprise its business in Europe was quite strong, but potentially they gained share from the likes of Lucent, Nortel, Alcatel and Siemens (siegn.de)," a London-based analyst told Reuters.
Reads: 1942 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/juniper1013.cfm
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