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(FOOL GLOBAL WIRE) LEXINGTON, KY. (November 1): Today's action produced some real wild swings for Investing for Growth stocks. Fortunately, they weren't all in the direction Nike went.
Nike was hammered today after Montgomery Securities cut estimates for the second quarter from 56 cents per share to 53 or 54 cents. Only the raw numbers were released on the news wire so I don't know the reasoning behind the downward revision, but the stock got absolutely crushed, shedding roughly 7%. On the other side of the ledger, Nautica Enterprises finally righted its listing ship and posted a 6% advance (no news).
Joining Nautica was ADC Telecom. ADCT was up approximately 3% today after splitting 2-for-1 this morning. The company also announced this morning that it has acquired Photonics Applications, Inc., a company specializing in high-performance, fiber-optic transmission technology for cable and wireless networks. The cash-for-stock deal is worth roughly $7.75 million and PAI will become a part of ADC Broadband Communications, a division of ADC Telecommunications.
The deal also provides ADC with Photonics' patented "optical feed forward linearization" technology, which will be incorporated into its extensive line of fiber-optic transmission products. ADC will be able to carry more channels with greater performance characteristics and "linearity" as a result. |
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