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MagicJack Surges to Five-Month High as Earnings Forecast Raised

Sept. 6 (Bloomberg) -- MagicJack VocalTec Ltd. 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.

To contact the reporter on this story: Sridhar Natarajan in New York at snatarajan15@bloomberg.net

To contact the editor responsible for this story: Tal Barak Harif at tbarak@bloomberg.net

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