Sun Microsystems (JAVA): Better Than Expected, But Still Awful
Sun (JAVA) turned in better-than-expected preliminary earnings, but they were poor nonetheless. Wall St. staged a relief rally. Shares moved up from a close of $8.80 to $9.57 after hours.
Sun expects to report revenues for the fourth quarter of fiscal 2008 in the range of $3.725 to $3.800 billion, as compared with $3.835 billion for the fourth quarter of fiscal 2007. The quarter ended June 30.
That company anticipates reporting GAAP net income per diluted share for the fourth quarter of fiscal 2008 in the range of $0.05 to $0.15.
Sun may have pre-announced revenue early because the stock has been dropping so rapidly lately.
Douglas A. McIntyre