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Apple, Mellanox, Netflix, Microsoft: Tech Premarket

NEW YORK ( TheStreet) -- Apple (AAPL - Get Report) was a big loser in premarket trading on Thursday, plunging more than 9% as investors balked at the company's fiscal first-quarter results.

The iPhone maker's shares were off 9.67% to $464.31 before market open after Apple's revenue trailed forecasts, earnings per share fell and profit margins shrank.

Apple generated revenue of $54.5 billion in its fiscal first quarter, up from $46.33 billion a year earlier but below analysts' forecasts of $54.73 billion. It earned $13.81 a share, down from $13.87 a year earlier yet above analysts' estimate of $13.47.

The company's gross margin was 38.6% compared with 44.7% in the year-ago quarter.

The Cupertino, Calif.-based company, which has been stung by rumors of weaker demand, sold 47.8 million iPhones during the quarter, up from 37 million a year earlier.

Apple was also the most active premarket Nasdaq stock on share volume of 1,214,897.

Mellanox (MLNX - Get Report) was an even bigger loser, plunging 20% to $41.35 after reporting its fourth-quarter results on Wednesday and delivering weaker-than-expected guidance.

Shares of Symantec (SYMC), which announced its new strategy on Wednesday, fell 2.98% to $20.82 before market open. Stifel Nicolaus downgraded the company to hold from buy on Thursday, citing limited near-term stock upside.

Research In Motion (RIMM) was another laggard, falling 3% to $16.83. The embattled Canadian handset maker was also one of the most active premarket Nasdaq stocks on share volume of 504,657.

Microsoft (MSFT - Get Report), which reports its fiscal second-quarter results after markets close Thursday, was down 0.04% at $27.60 in premarket trading.

Netflix (NFLX - Get Report), however, was a massive gainer, rising 39.62% to $144.17 after better-than-expected fourth-quarter results on Wednesday.

The Los Gatos, Calif.-based firm added 2 million U.S. video-streaming subscribers during the quarter and posted a profit of $8 million. Analysts were expecting a loss.

"We added more than 2 million members in Q4 to end the year with over 27 million domestic members," wrote Netflix CEO Reed Hastings, in a letter to shareholders. "Our holiday season was particularly strong, driven by consumers buying new electronic devices, including tablets and smart TVs."

Netflix was another active premarket Nasdaq stock on share volume of 112,535.
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AAPL $95.18 1.64%
MLNX $42.03 -3.45%
NFLX $91.54 -1.69%
MSFT $49.78 -1.64%
SYMC $16.63 -0.72%


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