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National Semiconductor (NSM) isn't faithful to either the long or short side in its post-earnings performance between the after-hours and following regular sessions. As a result, both longs and shorts should be wary of the extended-hours direction after the company posts its quarterly results today.

According to our data, NSM has recorded an earnings-driven after-hours gain in eight of the quarters we've tracked, reversing direction in five of those events, or 62.5% of the time. It has seen an earnings-driven evening decline in 11 quarters, reversing or narrowing that downside the next day in six quarters, or about 55% of the time.

NSM is due with out with its Q3 results in the extended-hours today. The mean estimate among analysts polled by Thomson Reuters is for a profit of $0.24 per share on revenue of $352 million.

Here's the history:

  • On Dec. 9, 2010, NSM shed 4% in after-hours trade after missing Q2 sales expectations and setting its outlook below the Street view. The stock added to its downside in the Dec. 10 regular session, closing down 7.7%.
  • On Sept. 9, 2010, NSM declined 5.4% in after-hours trade after posting mixed Q1 results and setting Q2 revenue guidance below the Street view. The stock recorded a deeper downside the next day, closing the Sept. 10 regular session down 6.3%.
  • On June 10, 2010, NSM advanced 1.4% in after-hours trade after reporting better-than-expected results and guidance. The stock added to its upside the following day, closing the June 11 regular session up 5%.
  • On March 11, 2010, NSM advanced 2.3% in after-hours trade after reporting better-than-expected results and guidance. The stock lost most of its upside the following day, closing the March 12 regular session up 0.3%.
  • On Dec. 10, 2009, NSM declined 2.8% in after-hours trade despite reporting better-than-expected Q2 results. The stock headed deeper south the next day, ending the Dec. 11 regular session down 3.6%.
  • On Sept. 10, 2009, NSM declined 1.3% in after-hours trade despite better-than-expected results and guidance. The stock continued heading lower the next day, closing the Sept. 11 regular session down 5.9%.
  • On June 11, 2009, NSM edged down 0.6% in after-hours trade after topping expectations and setting its sales guidance above the Street view. The stock continued to head further south the following day, closing the June 12 regular session down 6%.
  • On March 11, 2009, NSM advanced 3.8% in pre-market trade despite missing Q3 sales expectations and setting its Q4 revenue guidance below the Street view. The stock turned south in that day's regular session, losing 2.7% by the closing bell.
  • On Dec. 12, 2008, NSM shed 6.3% in after-hours trade after coming in shy of sales expectations and setting guidance below the Street view. The stock reversed in next day trade and recorded a 13.2% gain by the Dec. 13 closing bell.
  • On Sept. 5, 2008, NSM declined 4.2% in pre-market trade after missing Street estimates and guiding below expectations. The stock cut its downside the following regular session, losing 2.6% by the closing bell on Sept. 5.
  • On June 5, 2008, NSM advanced 9% in after-hours trade after topping Q4 expectations and setting its guidance above Street estimates. The stock saw about half its gains evaporate in the June 6 regular session, ending the day up 4.7%.
  • On March 6, 2008, NSM jumped 11% in night trade after beating profit expectations by a penny. It managed to add a little more to its gain on March 7, rising 11.7% by the closing bell.
  • On Dec. 6, 2007, NSM declined 2.1% in after-hours trade after reporting better-than-expected Q2 results. The stock turned to the plus side the next day, ending the Dec. 7 regular session up 4.3%.
  • On Sept. 6, 2007, NSM fell 3.1% in night trade despite topping Q1 estimates. Shares trimmed their losses the next day, closing the regular session down 3%.
  • On June 7, 2007, the stock gained 9.5% in the after-hours session after reporting ahead with Q4 results and guiding for a sequential sales gain. The gain swelled to 14.7% the next day.
  • On March 8, 2007, NSM gained 5% in night trade after topping Q3 estimates and offering in-line guidance. Shares, though, couldn?t build on that momentum the next day and eased off that high to close the regular session up 4.5%.
  • On December 7, 2006, NSM dipped 0.4% in after hours when the company reported Q2 results that were mostly in line with forecasts but predicted a sequential drop in revenues. Shares, though, recovered the next day and edged up 0.2% by the end of the day.
  • On September 7, 2006, NSM fell 4.8% in evening activity after it reported Q1 sales that beat expectations but forecasted Q2 sales to drop sequentially. However, shares rebounded the next day and closed the regular session up 0.2%.
  • On June 8, 2006, NSM edged up 3.3% in after hours when the company topped Q4 sales estimates. The next day, though, shares gave back some of those gains and closed up 2.4%.
Source: National Semi: A Stock That Turns on Both Longs and Shorts, Post-Earnings