Emulex and QLogic Shares on Fast Track

Shares of two Costa Mesa companies specializing in high-speed computer technology--Emulex Corp. and QLogic Corp., which Emulex spun off five years ago--both raced ahead Thursday.

The 19% price gain for Emulex was especially startling because it occurred the same day the company sold an additional 2.1 million shares to the public, at $61 each--increasing its outstanding stock by a third.

Emulex zoomed $12.25 to close at $75.50 on Nasdaq. It traded as high as $81.75.

The company is getting noticed for its so-called fiber-channel products, which enhance data transmission and storage on networks and in external devices. The technology represents a fast-growing sector of the data-storage market and can be used over greater distances than older systems.

The stock was at $33 at the end of March. Emulex recorded first-quarter earnings of 20 cents a share, versus a loss a year ago. Sales were $18.2 million, up 21% from a year ago.

Emulex is expected to earn 64 cents a share in its fiscal year ending June 30, then $1.12 a share the following year, according to the consensus estimates of the three analysts following the company, as compiled by Zacks Investment Research.

Meanwhile, shares of QLogic, whose high-performance computer chips complement Emulex’s products, zoomed $13.50, or 13%, to close at $116.88 on Nasdaq.

QLogic on May 6 reported quarterly earnings of 45 cents a share, up 96% from a year ago. Sales totaled $35.1 million, up 54%.

QLogic, tracked by six analysts, is expected to earn $1.92 a share in the current fiscal year and $2.43 the following year, according to Zacks.