Tech Stocks in Motion
Avid Technology (AVID) fell 2.7% after the company reaffirmed its first-quarter financial results. The digital-editing equipment maker expects pro forma earnings of 58 cents a share on sales of about $165 million, which is in line with analysts' expectations of 58 cents a share on sales of $165.3 million.
"We are taking this unusual step of pre-announcing an estimate of our first-quarter results in light of Pinnacle Systems' (PCLE) announcement on Wednesday of a lower-than-expected sales outlook for its quarter ended March 31, 2005," Avid said.
On Wednesday, Pinnacle warned that its third-quarter sales would be $64 million to $66 million, down from previous guidance of $70 million to $73 million, which excludes the Team Sports unit that it sold in February. Shares of Avid traded down $1.38 to $49.22.
Shares of Magal Security Systems (MAGS) fell 4.1% after the company announced the sale of 1.7 million shares of stock. The stock was sold to a group of affiliated investors and to a group of unaffiliated investors at prices of $9.92 and $9.50 a share, respectively. The direct equity placement is expected to result in gross proceeds of about $16.3 million. Shares traded down 41 cents to $9.51.Other technology movers included Microsoft (MSFT), down 38 cents to $24.46; Intel (INTC), down 37 cents to $22.12; Cisco (CSCO), down 61 cents to $17.20; Sun Microsystems (SUNW), down 30 cents to $3.66; Applied Materials (AMAT), down 76 cents to $14.50; Apple Computer (AAPL), down $1.91 to $35.35; Oracle (ORCL), down 39 cents to $11.70; and Lucent Technologies (LU), down 11 cents to $2.40.
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