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."