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Small software company which reported earnings today - here's a news summary:

Captaris Inc. (CAPA, $6.67, -$2.21, -24.89%) shares tumbled after the Bellevue, Wash.-based software company reported fourth-quarter net earnings of $2.25 million, or 8 cents a share, vs. $44,000, or breakeven a share, in the year-ago period. Revenue rose 2% to $25.2 million from $24.7 million. Analysts polled by Thomson Financial were expecting a per-share profit of 6 cents on revenue of $26 million

Does that justify a 25% sell-off? I doubt it. At worst, this could be good for a technical pop back to almost $8 ov

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Air traffic on both domestic and international sectors in the “aviation powerhouses” of India and China have continued to decline even during the ongoing festive season, though the traffic outlook for the future has improved irrespective of growing costs.

According to latest data, the percentage year-on-year domestic traffic growth rate in India continued to fall since November last year and stood at about minus 15 per cent this July compare

Filed under: Analyst reports, Analyst upgrades and downgrades, Analyst initiations

Analyst upgrades:

• Jefferies upgraded shares of GrafTech (NYSE: GTI) to Buy from Hold as they believe electrode pricing increases should more than offset the increase in raw material costs over the next year. The firm raised their target to $30 from $22.
  
• JP Morgan upgraded Navistar (NYSE: NAV) to Overweight from Neutral following the strong Q3 report and raised outlook.
  
• Goldman added Devon Energy (NYSE: DVN), Quest Software (NASDAQ: QSFT) and Transocean (NYSE: RIG) to the Conviction Buy List.
  
• Mon

• Open Text Corporation (NASDAQ: OTEX) agreed to acquire Captaris, Inc. (NASDAQ: CAPA) for 131 million in total, or $4.80 per share. The companies expect the transaction to close by the end of the calendar year, subject to customary closing conditions, including approval by Captaris's shareholders and anti-trust approvals.
• Thermage, Inc. (Nasdaq: THRM) determined to reject the previously announced unsolicited, non-binding proposal to acquire Thermage for $5.50 per share and that Thermage will not enter into discussions with the third party regarding its alternative acquisition proposal to t

StreetInsider.com Pre-Open Movers:

Captaris, Inc. (NASDAQ: CAPA) 24% HIGHER; Open Text Corporation (NASDAQ: OTEX) agreed to acquire Captaris, Inc. for $131 million in total, or $4.80 per share.

Ciena (Nasdaq: CIEN) 17% LOWER; reports Q3 earnings of $0.37 per share, ex-items, in-line with estimates. Revenues came in at $253.2 million, versus the consensus of $253.7 million. Sees Q4 revenues $190-$210 million, versus the consensus of $263 million.

China BAK Battery, Inc. (Nasdaq: CBAK) 15% HIGHER; the company disclosed they raised their FY08 revenue guidance from $210 million to $240 million