SYNNEX Up on Outlook, Q2 Results

SYNNEX Corp. (SNX - Snapshot Report) offered an upbeat fiscal third-quarter outlook late Tuesday after fiscal second-quarter results beat Wall Street estimates.

Shares have jumped more than 10% so far today on heavier-than-usual volume of approximately 870,000, compared to the average daily volume of about 217,000.

The company now expects earnings of 58 cents to 61 cents per share for the quarter ending in August on sales of $1.8 billion to $1.9 billion. The average forecast is at 52 cents per share, which has remained constant over the past 3 months.

"While demand remains down over the prior-year period, we believe the market has stabilized over the past two quarters,” said CEO Kevin Murai.

Meanwhile, the business process services provider reported earnings of 57 cents per share for its fiscal second quarter, beating the consensus forecast by nearly 19%.

Revenue slipped 3.5% to $1.8 billion, still bettering analysts' expectations.

The consensus estimate for the year ending November 2009 has held steady at $2.27 per share over the past 3 months. However, the better-than-expected quarterly results and upbeat guidance could result in positive analyst revisions over the next several weeks.

SNX is a Zacks #3 Rank ("Hold") stock.