Tech Stocks in Motion
The company sees first-quarter earnings of $11 million to $12.4 million and sales of $117 million to $125 million. Analysts expect earnings of $10.2 million, or 40 cents a share, on sales of $110.5 million. Shares were trading up $5.40 to $34.59.
Shares of Orbotech (ORBK) rose 2% after the company posted third-quarter results that topped expectations. The company earned $11.1 million, or 33 cents a share, on sales of $93.7 million. Analysts had forecast earnings of 31 cents a share on sales of $91.7 million. In last year's third quarter, Orbotech earned were $9.4 million, or 29 cents a share, on sales of $82.7 million. Shares were trading up 50 cents to $21.66.
QLogic (QLGC) rose slightly after the company announced a $200 million stock buyback plan. The repurchase plan, which will take place over a two-year period, follows the completion of the company's previous stock-buyback plans. Since fiscal 2003, the company has bought a total of $550 million in stock.
In addition to the buyback, the company said it completed the sale of its hard-drive controller and tape drive controller businesses to Marvell Technology (MRVL). QLogic received $180 million in cash and $45 million in Marvell stock. Shares of QLogic were trading up 1 cent to $31.02.Other technology movers included Microsoft (MSFT), up 13 cents to $26.79; Intel (INTC), up 34 cents to $24.33; JDSU (JDSU), up 1 cent to $2.36; Sun Microsystems (SUNW), up 1 cent to $3.91; Cisco (CSCO), up 4 cents to $17.91; Sirius Satellite Radio (SIRI), up 1 cent to $6.96; Lucent Technologies (LU), down 2 cents to $2.76; Apple Computer (AAPL), down 67 cents to $60.48; and Oracle (ORCL), up 7 cents to $12.54.
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