Tech Stocks in Motion
Updated from 1:02 p.m. EDT
Shares of Cogent (COGT) were among technology's losers Tuesday, falling 8.9% after the company filed to sell 11 million shares of stock.
The company, a provider of automated fingerprint identification systems, said that of the 11 million shares, it would offer 4 million. Executive officers and stockholders of the company will sell the remaining 7 million shares. Morgan Stanley and J.P. Morgan Securities are leading the underwriting syndicate. Shares traded down $2.02 to $20.75.
WPCS International (WPCS) rose 2% after the wireless engineering services company received a $7 million contract. The contract, which was awarded by an unnamed major wireless carrier, will be completed over the next 18 months. The project is related to a multiphase FCC mandated rebanding initiative to include mitigation of public safety radio interference at 800MHz by realigning operators. Shares traded up 11 cents to $5.51.Shares of Corning (GLW) fell 1.9% after the company backed its second-quarter guidance but tweaked its telecommunications segment outlook. The company expects earnings of 17 cents to 19 cents a share on sales of $1.08 billion to $1.13 billion. Analysts polled by Thomson First Call are expecting earnings of 18 cents a share on sales of $1.1 billion. Corning now expects sales in its telecom segment to be sequentially flat to up 5%. Previously, the company said it would post sequential sales growth of 5%. The revised outlook is due to potential lower demand, it said. Shares traded down 29 cents to $14.74. Shanda Interactive Entertainment (SNDA) fell 1.3% after the company posted first-quarter results that were better than expected. The online games operator earned $26.6 million, or 36 cents a share, on sales of $60 million. Analysts were expecting earnings of 33 cents a share on sales of $53.6 million. A year ago the company earned $8.7 million. Shares traded down 43 cents to $33.46.
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