VITESSE CHIPS IN AS TECH STOCKS RALLY.Byline: Jason Z. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. Staff Writer CAMARILLO - Shares of Vitesse Semiconductor Inc. jumped 34 percent on Monday, one of the strong tech sector performances that helped boost the Nasdaq to its largest single-day point gain. In anticipation of its first-quarter earnings report, investors drove Vitesse's stock up $18.38 a share to close at $73.06 in regular-hours trading. The stock lost some of that gain after hours Adv. 1. after hours - not during regular hours; "he often worked after hours" , at one point falling $5.06 to $68. Nevertheless, Vitesse's daytime rally helped the Nasdaq as a whole rebound Monday as it gained 217.87 points, or 6.56 percent, its second- largest percentage gain to date. This followed Friday's drop of 355.49 points, a record. Vitesse, which makes semiconductors for telecommunications equipment, reported a 50 percent increase in its revenues over the same quarter last year. Before accounting for its $450 million acquisition of chip maker Orologic Inc., Vitesse had quarterly earnings of $27 million, or 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , beating by a penny the consensus estimate of analysts surveyed by Thomson Financial's First Call service. The company reported a net loss of $18.6 million, or 12 cents per share, after the acquisition charge of $45.6 million. For the same period a year ago, Vitesse reported earnings of $15.5 million, or 9 cents per share. The acquisition of Orologic, combined with Vitesse's year-ago purchase of Xaqti, gives the company a one-two punch one-two punch n. 1. A combination of two blows delivered in rapid succession in boxing, especially a left lead followed by a right cross. 2. Informal An especially forceful or effective combination or sequence of two things. in data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. chips, said Lou Tomasetta, Vitesse's president and chief executive officer. ``The combination of these two chips will give the customer a very sophisticated network processor-traffic manager solution. The combination of these is going to drive a very significant revenue stream for us,'' Tomasetta said. ``Our intention is to become one of the major players in this network processor field.'' Jeremy Bunting bunting, common name for small, plump birds of the family Fringillidae (finch family). Among the American buntings are the indigo bunting, in which the summer plumage of the male reflects sunlight as a rich, metallic blue; the painted bunting, or nonpareil ( , analyst for Thomas Weisel Partners Thomas Weisel Partners Group, Inc. (NASDAQ: TWPG), often shortened to just TWP or TWeisel, is a U.S. middle-market and growth focused investment banking firm based in San Francisco, California. , said Vitesse's revenues were $2 million higher than analysts were anticipating. But the company's stock performance Monday was less in anticipation of the earnings report than it was a recovery from the market's recent battering, he said. ``What happens at times like this is when the market reacts, the strongest names in the strongest spaces tend to recover first,'' Bunting said. ``It's hard to predict what the market will do in such volatile conditions as these.'' Vitesse's recovery Monday paralleled that of competitors Broadcomm and PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. , both of which also make integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. for telecommunications equipment. Bunting said the entire sector stands to benefit as the makers of telecommunications equipment respond to high demand for their products by increasing the amount of chip manufacturing they outsource to other chip makers. CAPTION(S): chart Chart: VITESSE GAINS Shares of Vitesse Semiconductor were sharply higher Monday as the stock market recovered from last week's losses Staff Artist |
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