This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Tech Stocks in Motion

8X8 (EGHT - Get Report) tumbled 12% after the company said it plans to sell about 7.1 million shares to two institutional investors for $2.10 a share, resulting in net proceeds of about $14 million. The price represents a 17% discount to Wednesday's closing price of $2.52. The investors also will receive warrants to buy 1.8 million shares at an exercise price of $3 a share. 8X8 plans to use proceeds from the offering to scale its Packet8 VoIP services and subscriber base as well as for general needs. Shares were down 29 cents to $2.23.

Shares of Tier Technologies (TIER) slumped 14% after the software company delayed its fiscal 2005 annual report and previewed fourth-quarter results that disappointed investors. Tier Technologies said it discovered a number of accounting errors while preparing its financial statements for 2005. The errors pertain to accounts receivable relating to a payment processing operation, certain accruals and reserves and certain notes receivable, Tier said. The company expects to restate its financial results for the fiscal years of 2002 through 2004 and for the associated fiscal quarters as needed.

Tier said the delay of its annual report and the restatements could result in a technical default under its revolving credit agreement. The company is seeking a waiver.

When the company reports its results, it expects to post a fourth-quarter loss of 7 cents to 8 cents a share on sales of $34.3 million. Analysts expected a profit of 1 cent a share and sales of $32.5 million for the fourth quarter, which ended Sept. 30. The company blamed the earnings shortfall on increased labor-related costs, adjustments to various reserves and additional Sarbanes-Oxley compliance costs. Shares were down $1.09 to $6.84.

Other technology movers included Microsoft (MSFT), down 19 cents to $26.90; Cisco (CSCO - Get Report), up 5 cents to $17.74; Sirius Satellite Radio (SIRI), up 17 cents to $7.17; Intel (INTC), up 6 cents to $26.69; Lucent Technologies (LU), up 4 cents to $2.79; Oracle (ORCL - Get Report), down 13 cents to $12.68; Conexant Systems (CNXT), down 15 cents to $2.38; Sun Microsystems (SUNW), down 2 cents to $4.40; Apple Computer (AAPL), up 3 cents to $72.04; and JDSU (JDSU), down 5 cents to $2.63.

Get Jim Cramer's picks for 2006.
2 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CNXT $33.00 -0.18%
CSCO $27.62 -1.20%
EGHT $11.34 -0.22%
ORCL $39.86 -1.17%
WPCS $1.37 8.73%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs