Today’s Stock Highlight: QLogic Corporation (QLGC), U.S. Silica Holdings (SLCA), Foundation Medicine (FMI)

QLogic Corporation (NASDAQ:QLGC) will put $100 million to repurchasing its common stock shares. The repurchase period for the newly declared buyback program is 18 months. The new repurchase program is enough to eliminate about 11% of the outstanding shares at the prevailing level. At the same time, QLogic Corporation (NASDAQ:QLGC) posted performance improvements in its 2Q2015. The company said revenue grew 7% sequentially to $127.50 million, which also signaled 13% YoY improvement. The net income column in the latest quarter showed $11 million or $0.12 per share on GAAP basis. As for the non-GAAP net income, the figure was $22 million or $0.25 per share, which was 19% better than the previous quarter.

The news about stock-repurchase authorization and the performance improvement in the latest quarter was enough to sent shares up more than 14% at the start of the session.

U.S. Silica Holdings Inc (NYSE:SLCA) may be a small company with under $1 billion in annual revenue, but it is also among America’s Best Small Companies, according to Forbes. In its annual list of what it believes to be the best small companies in America, Forbes ranked U.S. Silica Holdings at No. 1 out of 100 companies. Companies that feature on the list usually have below $1 billion in annual sales. However, they must demonstrate an outstanding performance for a period going as far back as five years to make it to the prestigious list.

U.S. Silica Holdings Inc (NYSE:SLCA)’s CEO, Bryan Shinn, noted that a dedicated team of employees and supportive partners helped them stand out, and they hope to do more and better.

Shares of U.S. Silica Holdings have gained more than 45% YTD.

Foundation Medicine Inc (NASDAQ:FMI) is scheduled to unveil its 3Q2014 financial results on November 5. The management will later have a session with analysts and investors on the same day to discuss the performance and other operations update. What are analysts expecting in the upcoming report? On the average, analysts expect Foundation Medicine Inc (NASDAQ:FMI) to post a loss of $0.48 per share on revenue of $15.67 million.

The company had a loss of $0.49 per share on revenue of $14.50 million in the latest quarter.

About the Author

Adam is a staff reporter for US Markets Daily Publications & Media, covering foreign affairs and domestic policy.

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