Pre-market: Hurray! profit rises
Shares of Hurray! Holding Co., Ltd. (Nasdaq: HRAY) are rising on news after Thursday’s close that the Chinese provider of music and music-related products reported an increase in profit. The net income for the first quarter ended March 31 was $1.0 million, a rise of 3.8% compared with $0.9 million for the first quarter of 2006. Earnings stayed constant at $0.04 per share, just above analyst expectations of $0.03 per share. The stock is up $0.02, or 0.41%, to $4.85.
Shares of Lancaster, Pa.-based Sterling Financial Corp. (Nasdaq: SLFI) announced after Thursday’s close that an ongoing investigation has shown that previously reported irregularities in certain financing contracts in one of Sterling’s financial services affiliates are a direct result of collusion by company employees. Shares have added $0.80, or 5%, to $16.16.
Savannah, Ga.-based retailer Citi Trends, Inc. (Nasdaq: CTRN) reported after Thursday’s close that its net income for the quarter ended May 5 was $5.7 million, a decrease of 17% compared with $6.9 million in the prior-year quarter. That translates to earnings of $0.40 per share, compared with $0.49 per share earlier. Analysts were looking for earnings of $0.39 per share. Still, the stock has lost $1.23, or 3%, to $38.36.
Shares of telecommunications equipment supplier Ditech Networks, Inc. (Nasdaq: DITC) are rising despite news after Thursday’s close that the Mountain View, Calif.-based company reported that net income for the quarter ended April 30 fell to $0.7 million, or $0.02 per share, from $2.5 million, or $0.07 per share, a year earlier. Revenues also decreased. Shares are up $0.02, or 0.24%, to $8.37.
Wave Systems Corp. (Nasdaq: WAVX), which produces products for hardware-based digital security, has agreed to sell 7,317,073 shares of its Class A common stock at a price of $2.05 per share, yielding gross proceeds of approximately $15 million, the Lee, Mass.-based company said after Thursday’s close. Shares are down $0.08, or 3%, to $2.50.
Fremont, Calif.-based VA Software Corp. (Nasdaq: LNUX) has decided to change its name to SourceForge Inc., the technology website operator said after Thursday’s close. Shares are up $0.17, or 5%, to $3.73.
