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Turnstone Systems builds on stellar 1Q results

    Turnstone Systems shares stormed up 34 1/16, or 52 percent, to 100 Tuesday, one day after the DSL software and equipment maker shattered analysts' estimates in its first quarter.

    Turnstone (Nasdaq: TSTN) posted a profit of $4.6 million, or 14 cents a share, on sales of $23 million.

    A survey of analysts by First Call Corp. predicted it would earn 3 cents a share in the quarter.

    The $23 million in sales marks an 85 percent improvement from the $12.5 million it recorded last quarter.

    Turnstone went public in February.

    Competitors of Turnstone include Nortel Networks (NYSE: NT).

    Analysts are expecting a profit of 3 cents a share in the second quarter and 12 cents a share for the fiscal year.

    Its shares peaked at 208 3/8 shortly after its IPO in March before falling to 46 earlier this month.

    Both analysts covering the stock rate it either a "buy" or "strong buy."