News that Frank Plastina had quit as chief executive officer and as a board member at Tekelec (Nasdaq: TKLC) came Wednesday as Tekelec also disclosed that it was lowering revenue and profit guidance for 2010, citing delays in a $10 million project involving phone number portability in India.

The combination of news gave a boost to Tekelec stock, however.

According to the Wall Street Journal, Avian Securities analyst Catharine Trebnick believes i”nvestors are likely expressing optimism the board is looking for a new CEO to accelerate the growth of the company’s next-generation product portfolio.”

Tekelec shares rose 7 percent, or 80 cents, to $12.81 shortly before noon.

At 12:30 p.m., shares hit $12.97, up 95 cents or 8 percent.

By 2 p.m., shares hit $13.32, up $1.31‎ or 11 percent.

The rally continued at 3 p.m. as shares hit $13.33, up $1.32 or 11 percent.

Shares closed up $1.27 at $13.28 after hitting a high of $13.41.

The forecast cut is the second in two months.

Tekelec shares opened down 31 cents but quickly rebounded above $12 before 10 a.m. Tekelec announced the change in management and revenue before the markets opened Wednesday.

Tekelec is a global leader in technology such as texting enablement.

The guidance change reduced Tekelec’s revenue forecast for last year to between $415 and $425 million, down from its earlier projection of $430 and $440 million.

Wall Street consensus as polled by Thomson Reuters was $437 million.

Tekelec cut its profit forecast to between 62 and 67 cents per share, down from 75 to 80 cents.

Consensus from Thomson Reuters polling was for a 79-cent profit.

In November, Tekelec reduced its revenue guidance to $430-$440 million from $430-$450 million.

“We are still in the process of completing customer acceptance associated with this project, resulting in the delay of revenue recognition into 2011,” Tekelec said in a filing with the SEC. “Accordingly we expect our full year revenues for 2010 will range between $415 million and $425 million and our non-GAAP gross margins will be in the mid sixty percent range.”

Tekelec shares closed at $12.01 Tuesday, down 22 cents.

The company’s shares have stumbled since reaching a 52-week peak of $19.74 on April 20. Its 52-week low came on Aug. 24 at $10.81.

Read about Plastina’s resignation here.

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