Tech Stocks in Motion
Innodata Isogen (INOD) fell 17.2% after the information management company posted a substantial decline in first-quarter earnings on an 8% sales drop. The company earned $299,000, or 1 cent a share, on sales of $11.2 million. A year ago, the company earned $2.1 million, or 8 cents a share, on sales of $12.2 million. Innodata blamed the weak year-over-year results on an unexpected early termination of a large project by an ongoing client, the completion of a large project by a different client and on delays in the start-up of a new project for yet another client. Looking ahead, Innodata said that second-quarter results would likely be lower than first-quarter results. Shares traded down 54 cents to $2.60.
Shares of Proxim (PROX) fell 55% after the company warned that it would seek bankruptcy protection if it does not get acquired or obtain financing during the second quarter. In January, Proxim hired Bear Stearns to explore strategic alternatives for the company. Proxim said that Bear is in discussions with a potential third-party purchaser. Still, Proxim says it has an immediate need for additional financing. Without the financing -- or without an acquisition -- the company will be forced to declare bankruptcy.
The provider of wireless networking equipment also announced first-quarter results. The company posted a pro forma loss of $4.5 million, or 14 cents a share, on sales of $25.4 million. A year ago, the company reported a loss of $5.1 million, or 41 cents a share, on sales of $26.7 million. Shares traded down 44 cents to 36 cents.
Other technology movers included Intel (INTC), up 7 cents to $24.84; Microsoft (MSFT), up 9 cents to $25; Cisco Systems (CSCO), up 15 cents to $18.70; Oracle (ORCL), up 19 cents to $11.89; Lucent Technologies (LU), down 3 cents to $2.81; and Apple Computer (AAPL), down $1.48 to $34.13.
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