Tech Stocks in Motion
Updated from 1:17 p.m.
Shares of RF Monolithics (RFMI) dropped 17.5% after the wireless solutions provider reported earnings late Thursday. For the third quarter ended May 31, the company made $58,000 or a penny a share, vs. $793,000, or 9 cents a share, a year ago. Revenue fell to $11.3 million from $13.6 million last year. RF cited a decline in various component markets that the company serves, particularly the automotive market. "We have successfully maintained relatively flat sales in an economic environment which has been very hard on several of the component markets we serve," said CEO David M. Kirk. The company expects fourth-quarter sales to be flat with the third quarter. The stock closed down $1.38 to $6.51.
Shares of Metrologic Instruments (MTLG) slid 15.7% after the company cut its 2005 earnings and revenue forecast, citing weak sales in Europe and a decline in the industrial automation business. The maker of bar-code scanning equipment now expects to earn 80 cents to 85 cents a share on revenue in the range of $195 million to $205 million. That's down from its previous earnings forecast of 98 cents to $1.10 a share on revenue of $206 million to $216 million. Metrologic also said it plans to cut overhead by $5.6 million. The stock finished down $2.44 to $13.14.
Shares of Skyworks (SWKS) rose 12%, a day after the wireless chip outfit settled a patent squabble with Qualcomm (QCOM). "This settlement also enables the deployment of improved vocoders utilizing Skyworks' patented technology that will bring capacity and quality improvements for carriers and consumers worldwide," said Skyworks' Mark V.B. Tremallo. Skyworks finished up 85 cents to $7.94, and Qualcomm closed down 7 cents $34.90.Shares of AChipMos Technologies (IMOS) were up 3.9% after the semiconductor testing company said May revenue fell 15% from a year ago to $40.9 million. But that figure represented an 8% rise from April's level. The stock closed up 25 cents to $6.65. Shares of InfraSource Services (IFS) fell 8.6% after the company forecast a pretax loss of $6 million to $8 million on an underground utility construction project. The project, which began in late January and is expected to be finished in September, had an original contract value of $18 million. The company also said it amended its credit pact to take account of the loss. the stock closed down $1.07 to $11.43. Other tech stocks on the move were Daystar Technologies (DSTIZ), up $1.64 to $6.65; Research In Motion (RIMM), up 24 cents to $74.02; and Sun Microsystems (SUNW), up a pennt to $3.87.
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