With No Reliable Data To Go By, Why Did Maxim Integrated Rise On Earnings?

Maxim Reported Third Quarter Fiscal 2007 Revenues in Line With Same Quarter a Year Ago:

Maxim Integrated Products, Inc. (MXIM) reported net revenues of $475.8 million for its fiscal third quarter ending March 24, 2007, a 4.4% decrease from the second quarter of fiscal 2007 and a 0.5% decrease from the third quarter of fiscal 2006.

Analysts were expecting revenue of $475.7 million per share. Analysts were also expecting the company to report earnings per share of $0.27. However, as has been the case for several quarters, the company reported no earnings at all.

Maxim is not providing detailed GAAP and non-GAAP financials for the quarter ending March 24, 2007 due to the previously announced need to restate its historical financial statements for the fiscal years 2000 through 2005 and the related interim periods through March 25, 2006, to record additional non-cash, stock-based compensation expense related to past stock-option grants. Consequently, limited financial data is being presented at the present time.

With no earnings, no balance sheet, no cash flow statement and no idea whether the last five years of earnings are even close to what investors thought they were, why were the shares up 3% in after-hours trading?

Good question, especially when investors can buy companies like Xilinx (XLNX) which beat estimates, issued better than expected guidance, reported complete financial statements and trades at a similar multiple of earnings.

MXIM 1-yr chart: