STOCK WATCH
Delphi shares rise
Shares in IT services company Delphi leapt 31p to 286p on 5 November. Delphi's pre-tax profits for the three months to 30 September rose from #3.8 million the previous year to #4.5 million. Turnover also increased from #71 million up to #89 million.
Creative Technology
Creative Technology announced falling revenue and profits for the its first quarter to 30 September. The sound card manufacturer's net income dropped by more than half from $51.6 million in the comparative quarter to $21.5 million, while turnover dropped from $287.8 million to $279 million. Chairman and chief executive Sim Wong Hoo said the results were in line with expectations.
Micro Focus
Shares in software and services company Micro Focus plunged 44 per cent after the vendor revealed it expected to break even in its third quarter. Its shares fell 103p to 132p on 5 November, and by midday on 6 November, they had fallen a further nine per cent to 130p. The Anglo-American company said weakness in North America, due primarily to poor demand for year 2000 products and services, would bear heavily on its next set of results, due on 2 December.
Merger talks
The National Association of Securities Dealers (Nasd) and the American Stock Exchange (Amex) have completed their merger, forming the Nasdaq-Amex Market Group. Operating as a subsidiary of the Nasd, the merger combines the second and third largest stock trading systems in the US, bringing together the Nasdaq's electronic trading system and Amex's floor-based trading system. The merger is likely to result in staff cuts, although no details have been announced.
Dialogic
Computer telephony components specialist Dialogic has posted net profits up from $6.4 million in the same period last year to $7 million for its third quarter ended 30 September. Revenue for the quarter was $76.1 million, an increase of 11 per cent on $68.8 million recorded a year ago. Howard Bubb, president and chief executive of Dialogic, said the company had performed well in Europe and Asia, despite the difficult market conditions.
Maxtor
Disk drive vendor Maxtor reported increased turnover from $383 million the previous year to $599.8 million for its third quarter ended September 26, while net income was up on last year's loss of $31 million to $6.1 million. However, the Californian company said overall conditions in the desktop hard disk drive industry had improved, with pricing pressures easing toward the end of the quarter.
Boundless Technologies
Boundless Technologies, the wholly-owned subsidiary of software vendor Boundless, saw profit rise in its third quarter. Revenue for the period ended 30 September dropped slightly from $24.2 million to $23.5 million, while net income for the third quarter increased by 30 per cent from $540,000 to $701,000.