Rackspace, CommVault: Premarket Movers
By James Rogers - 05/08/12 - 8:33 AM EDT
NEW YORK (TheStreet
) -- Rackspace
was one of tech's big losers in premarket trading Tuesday after the managed hosting specialist reported on Monday mixed first-quarter results
Shares of the San Antonio-based company plunged 14.01% to $49.70 before market open as investors responded to Rackspace's numbers. While the AT&T
rival beat Wall Street's revenue estimate, investors balked at the company's bottom line.
Rackspace, which does not break out non-GAAP EPS, said it earned 17 cents a share on net income of $23.2 million, up from 11 cents a share and $13.8 million in the prior year's quarter. Analysts surveyed by Thomson Reuters
were looking for earnings of 18 cents a share.
Storage specialist CommVault
, however, was one of tech's winners, after reporting record fourth-quarter results before market open.
CommVault brought in revenue of $114 million, a 27% increase on the prior year's quarter, and well above Wall Street's forecast of $106 million. Excluding items, CommVault earned 29 cents a share, up from 25 cents a share in the same period last year.
"Our fourth quarter results concluded a strong fiscal 2012 where we achieved substantial improvements in all aspect of our business," explained Bob Hammer
, the CommVault CEO, in a statement. "Our solid finish to fiscal 2012 reinforces the underlying strength of our business and we believe that we are entering fiscal 2013 with excellent momentum."
CommVault shares climbed 6.47% to $54 before market open as investors responded to the fourth-quarter numbers.
was one of the most active Nasdaq
stocks in premarket trading on Tuesday, rising 0.75% to $28.20 on share volume of 71,741. Reuters
reported on Tuesday that the Indian government has not directed the country's tax authorities to reopen a tax case against the telecom giant.
was another active Nasdaq stock in premarket trading, gaining 0.27% to reach $571 on share volume of 41,910.
--Written by James Rogers in New York.
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