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Tech Industry

STOCKS TO WATCH: Analog Devices, Ciena, Corel and Lycos

Expect the following technology stocks to be among Wednesday's most actively traded issues: Analog Devices, Ciena, Corel and Lycos.

  • Analog Devices (NYSE: ADI)

    Analog Devices shares should be on the rise Wednesday after it soared past analysts' estimates in its third quarter, pocketing $164.5 million, or 43 cents a share, on sales of $701 million.

    First Call Corp. consensus expected it to earn 37 cents a share in the quarter.

    Its shares closed up 4 11/16 to 81 ahead of the earnings report.

    The $701 million in sales marks an 85 percent improvement from the year-ago quarter when it earned $54.6 million, or 15 cents a share, on sales of $378.8 million.

    Last quarter, ADI officials told Wall Street to expect strong sales and earnings this quarter.

    ADI shares moved up to a 52-week high of 100 in June after falling to a low of 22 in last August.

    All 19 analysts tracking the stock rate it either a "buy" or "strong buy."

  • Ciena (Nasdaq: CIEN)

    Ciena should be active after it announced a 2-for-1 stock split after the bell Tuesday. Its shares closed up 6 5/16 to 170 ahead of the news.

    Company officials said the split will take effect on Sept. 18 for all shareholders of record on Aug. 28.

    Ciena will report its third-quarter results later this week with First Call Corp. consensus expecting a profit of 17 cents a share.

    Last quarter, Ciena hurdled analysts' estimates when it posted a profit of $18.4 million, or 12 cents a share, on sales of $185.7 million.

    Its shares raced up to a 52-week high of 189 in March after falling to a low of 29 3/8 in October.

  • Corel (Nasdaq: CORL)

    Well, it finally happened.

    CEO Michael Cowpland resigned as CEO and Chairman of the embattled Canadian software developer, bringing a tumultuous era at the Ottawa-based firm to an end.

    Cowpland said in a statement he is resigning as president, chief executive and chairman of the board at Corel to dedicate his time and resources to new start-up opportunities, especially in developing Linux software technologies.

    While Cowpland will no longer be involved in the operations of the company he founded, he will remain on the board as a director and as a technology adviser to Corel.

    Derek Burney, a longtime executive with Corel and the company's chief technology officer, has been appointed interim chief executive and president.

    "I am looking forward to dedicating more time to start-up ventures in the Linux arena," Cowpland said in the release. "It is exciting to see major industry players like IBM, Dell, and Hewlett-Packard are endorsing Linux on the desktop. This further validates Corel's pioneering efforts to deliver Linux to the mainstream."

    Corel shares closed up 1/16 to 3 21/32 ahead of the news.

  • Lycos (Nasdaq: LCOS)

    Lycos will be active Wednesday after it beat the Street in its fourth quarter, earning $13 million, or 12 cents a share, on sales of $88 million.

    Its shares closed off 9/16 to 57 15/16 ahead of the earnings report.

    The $88 million in sales marks an 89 percent improvement from the year-ago quarter when it lost $3.3 million, or 4 cents a share, on sales of $46.4 million.

    In the fiscal year, Lycos posted a profit of $21.7 million, or 19 cents a share, on sales of $291 million, a 110 percent jump from fiscal 1999 when it lost $8.4 million, or 9 cents a share, on sales of $138.5 million.

    In its last quarter as an independent company, Lycos recorded an average of 201 million page views a day in July, up 36 percent from the third quarter.

    Its registered user base improved 17 percent to 61 million.

    The stock moved as high as 93 5/8 in December before falling to a 52-week low of 34 1/8 in April.