Shares in Brocade Communications Systems Inc. (Nasdaq: BRCD) surged almost 20 percent this morning (Thursday) on news that it will likely meet analysts expectations of $110 million in sales in its fourth quarter.
Following remarks by CEO Greg Reyes (The Tick) during an interview with Bloomberg, the stock climbed 17.5 percent to $22.4 a share (though some of the surge was attributable to the general uptick in tech stocks today).
At press time it had settled back somewhat to $21.86 -- still up 14.93 percent on the day. The article quotes Reyes saying that he is comfortable with the companys position and would be surprised if it does not meet its quarter.
In August, Brocade said fourth-quarter earnings per share would be $0.05, a cent lower than analysts polled by First Call (see Brocade Hits Numbers). The company expects to report its fourth quarter on November 28.
Reyes has high hopes for the Asia-Pacific region, expecting revenues there to triple to 12 percent of the $500 million estimated for the full year. In anticipation of this, it has expanded its facilities in China with the opening of a Beijing office (see Brocade Moves on China).
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