Equities

Reuters alone with Comtech raising earnings outlook; shares surge

Reuters alone with Comtech raising earnings outlook; shares surge

Reuters was alone on Dec. 5 in reporting that telecommunication equipment maker Comtech Telecommunications raised its 2009 earnings outlook. Comtech, which competes with Qualcomm, ViaSat, EMS Technologies and General Dynamics, said in a conference call that it expected to benefit from operating efficiencies and a tax credit. Shares of the company, whose equipment is used by U.S. government, satellite systems integrators, communications service providers and oil companies, rose 11 percent that day. Volume jumped to 1.1 million shares, compared with the 10-day moving average of about 400,000 shares. Neither Bloomberg nor Dow Jones had the news.