Creative shares surge on seasonal optimism
Creative Technology, the company behind the Sound Blaster range of PC sound cards and one of Apple's closest - if still somewhat distant - rivals in the mp3 player market, has seen its share price jump 11 per cent.
Creative Technology, the company behind the Sound Blaster range of PC sound cards and one of Apple's closest - if still somewhat distant - rivals in the mp3 player market, has seen its share price jump 11 per cent.
The rise is due, according to a report on Bloomberg, to optimism ahead of the Christmas sale period, when it is expected that the X-Fi sound cards and Zent mp3 players will sell well.
The company's share price has climbed 24 per cent in total since the end of October, when it posted a first quarter profit of USD 1.3 million, compared with a USD 21 million loss a year earlier.
As of the lunch break in Singapore, the share price had hit SGD 7.35, and was heading for its biggest rise since August last year.
Cost-cutting measures, including the sale of a Malaysian factory and ceasing to trade on NASDAQ seem to have been effective.