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Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Sycamore Networks (Nasdaq: SCMR ) have popped today by as much as 19%, after the company announced preliminary fourth quarter results.
So what: Revenue came in at $16.8 million, well above the Street's estimates of $12.9 million. Full year sales were $57.3 million, also topping estimates. The company said all sales were derived from its intelligent bandwidth management offerings. Total cash and investments are up to $439.4 million.
Now what: Additionally, Sycamore announced that its board has approved a special cash distribution of $10 per share being paid out next month. Full financial results are pending impairment tests, and the company thinks any possible charges would be, at most, $2 million. After these tests are completed, it will release its finalized figures but, for now, investors seem rather pleased with its top line result and the cash distribution.
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