Cray jumps on results beat, outlook raise

Stock Market Predictions

(Global Markets) - Shares of supercomputer maker Cray Inc (CRAY.O) jumped 20 percent to their highest in two-and-a-half years on Friday after the company's quarterly results blew past estimates, boosted by a string of customer wins.

The company also raised its full-year sales outlook for the second time since November.

"We had a strong first quarter led by a large acceptance at Oak Ridge National Laboratory," CEO Peter Ungaro said in a statement on Thursday.

The company expects strong growth from its commercial customers in 2012, from manufacturing, life sciences and energy industries, it said on a conference call with analysts.

Cray raised its full-year revenue outlook range by $30 million between $430 million and $450 million.

Cray said on Wednesday it would sell its interconnect hardware development program and related intellectual property to Intel Corp (INTC.O) for $140 million in cash.

Shares of the company rose to $10.67, adding nearly $66 million to its market capitalization, and making it one of the biggest percentage gainers on the Nasdaq.

(Reporting by Sayantani Ghosh in Bangalore; Editing by Gopakumar Warrier)