Volume Spike Investor

Sun Microsystems Inc. (NASDAQ: JAVA) rocketed after-hours after the company managed to issue better than expected guidance of $0.25 to $0.35 non-GAAP EPS on $3.725 to $3.8 Billion in revenues, compared to estimates of $0.27 EPS and $3.24 Billion in revenues. With more than 60 million shares short and with fresh 52-week lows day after day, this stock rocketed in after-hours trading by almost 14% to $10.00 after an $8.80 close.  At 5:05 PM EST this one has traded some 6.4 million shares in after-hours trading.

Altera Corp. (NASDAQ: ALTR) reported earnings of $0.32 EPS on a 7.1% revenue gain to $359.9 million.  First Call consensus estimates were $0.27 and $346.7 million.  It also issued upside guidance for Q3 with revenue growth at “flat to down 3%” or about $349 to 360 million versus $350.5 million estimates.  At 5:05 PM EST this one has traded about 430,000 shares and shares are up 7.6% at $20.68.

Jon Ogg

July 15, 2008