Magic Software Enterprises Ltd. (MGIC) Finishes Higher after Q3 Results

Magic Software Enterprises Ltd. (NASDAQ: MGIC) shares saw a huge rally today, following the announcement of third-quarter financial results. The stock ended the day 14.14% higher at $3.31, on above average volume of 1.84 million. The stock touched a 52-week high of $3.72 in today's trading. It has a 52-week range of $1.55-$3.72. The stock is up 2.11% to $3.38 in after-hours trading today. Magic Software today reported that its third-quarter revenues increased 66% to $22.4 million. The company's third-quarter operating income came in at $2.5 million, up from $0.8 million reported in the third quarter of 2009. For nine-month period ended September 30, 2010, the company's operating and net income more than doubled to $6.3 million, compared with $2.5 million reported for the nine-month period ended September 30, 2009. Israel-based Magic Software Enterprises Ltd. is a developer, marketer and seller of an application platform and business and process integration solutions. The company sells its products and services through a worldwide network of it regional offices, independent software vendors, system integrators, distributors and value added resellers. Disclaimer: The assembled information distributed by epicstockpicks.com is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Epicstockpicks.com does expect that investors will buy and sell securities based on information assembled and presented herein. EpicStockPicks.com will not be responsible in any way for or accept any liability for any losses arising from an investor's reliance on or use of information obtained from our website or emails. PLEASE always do your own due diligence, and consult your financial advisor.
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