MagicJack Surges to Five-Month High as Earnings Forecast Raised
MagicJack VocalTec Ltd. (CALL) climbed to the highest in five months in New York trading after the Israeli maker of phone-over-Internet technology raised its 2012 earnings forecast.
MagicJack, based in Netanya, Israel, jumped 4.4 percent to $26.55 at 9:57 a.m. in New York, the most since March on an intraday basis. It has gained 94 percent this year.
The technology company boosted its 2012 earnings-per-share outlook to as much as $2, compared with a previous forecast of $1.50 to $1.80, according to a statement today. MagicJack cited sustained demand for its product magicJackPLUS and customers renewing their purchases as reasons for the upward revision in its forecast.
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