The chipmaker saw sales of new products increase 16% in the second quarter. Looking ahead, ALTR forecast third-quarter earnings to drop 1% to 5% from the second-quarter results. Such a drop hints that revenue will come in at $265.2 million to $276.4 million. The top end of this range falls short of the Street's estimated $279.2 million.
ALTR was slightly higher in after-market trading, but it had barely penetrated the $17 region. With the equity's 50-week moving average falling through the $17 region, watch for the stock to struggle to go too much higher. The chipmaker has dropped from its 2007 high in the $26 region and is trying to use the $16 level as support. With tech looking to lead the way today, is it possible that ALTR can rally and fight through overhead resistance? Yes, it is possible - but be warned, the 50-week trendline has provided pretty stout resistance.