After the bell Tuesday, Brocade Communications Systems, Inc. (Nasdaq: BRCD) reported net income for the fiscal third quarter came in at $118.7 million, or 26 cents per share, compared with $43.3 million, or 9 cents per share, a year earlier. Revenue fell 3 percent to $536.6 million. Wall Street had expected earnings of 12 cents per share on revenue of $519 million, according to analysts polled by Reuters.
Shares of Brocade Communications jumped 15.36 percent to $7.96 in after-hours trade.
JDS Uniphase Corporation (Nasdaq: JDSU) reported fourth quarter earnings of $30.4 million, or 13 cents per share, down from $35.4 million, or 15 cents per share in the year-ago period. Wall Street expected the company to earn 13 cents per share for the quarter, according to analysts polled by Reuters.
Shares of JDS Uniphase Corp. edged down 0.34 percent to $14.75 in extended-hours trade.
Millennial Media, Inc. (NYSE: MM), the independent leader in mobile advertising, announced it has reached an agreement to acquire mobile advertising platform Jumptap. After the bell, Mellenial Media reported second quarter revenue increased to $57 million, up from $39.4 million for the second quarter of 2012, but revenue for the quarter still fell short of estimates.
Shares of Millennial Media, Inc. plunged 10.12 percent to $7.64 after the bell.
On the earnings calendar for Wednesday, Agilent Technologies (NYSE: A), Cisco (NASDAQ: CSCO), Deere and Co. (NYSE: DE), Macy's (NYSE: M), NetApp (NASDAQ: NTAP) and Silver Wheaton (NYSE: SLW) report quarterly results.
Wall Street rebounded on Tuesday amid stimulus comments from Atlanta Federal Reserve President Dennis Lockhart, noting recent mixed economic data does not present a clear picture for when the central bank will begin to taper its $85 billion-a-month bond-buying program. Lockhart, however, did not rule out some kind of decrease at the Federal Reserve’s upcoming September meeting.
The Dow Jones industrial average rose 31.33 points or 0.2 percent, to close at 15,451.01. The S&P 500 Index gained 4.69 points or 0.28 percent, to end at 1,694.16. The Nasdaq Composite added 14.49 points or 0.39 percent, to finish at 3,684.44.
