This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Tech Stocks in Motion

Shares of Progress Software (PRGS - Get Report) were among technology's losers Tuesday, tumbling 10% after the company issued a weaker-than-expected guidance and announced plans to buy Neon Systems (NEON - Get Report).

Progress reported fiscal fourth-quarter earnings of $14 million, or 33 cents a share, up from $15.9 million, or 28 cents a share, a year earlier. Excluding certain items, the software company earned $16.3 million, or 38 cents a share, on an adjusted basis, beating analysts' estimate by a penny. Revenue rose to $108 million from $96.2 million a year earlier, topping Wall Street's forecast of $105.8 million. But for the first quarter, Progress sees adjusted earnings of 29 cents to 31 cents a share, below analysts' expectation of 32 cents. The company expects revenue of $103 million to $105 million, compared with Wall Street's target of $105 million. For the full year, Progress sees adjusted earnings of $1.45 to $1.51 a share, and revenue of $435 million to $445 million. Analysts project earnings of $1.51 a share and revenue of $444 million.

Separately, Progress agreed to pay $6.20 a share to buy Neon, a maker of mainframe integration products. The price represents a 43% premium to Neon's Monday closing price of $4.35. The deal is valued at $68 million. Shares of Progress Software were trading down $3.30 to $27.89, while Neon shares jumped $1.78, or 41%, to $6.13.

Amkor Technology (AMKR - Get Report) increased its fourth-quarter sales and margin forecasts, citing stronger-than-expected demand and improved factory utilization. The provider of semiconductor assembly and test services now expects revenue to rise 13% to 15% from the third quarter, compared with its earlier guidance for 6% to 8% sequential growth. Based on the third-quarter top line of $549.6 million, the new forecast suggests revenue of $621 million to $632 million. Analysts polled by Thomson First Call have an average estimate for revenue of $589.8 million. Amkor improved its gross margin projection to 22% to 23% from 19% to 20%. The company's shares were up 62 cents, or 11%, to $6.23.

1 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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
ECGI $0.10 0.00%
AMKR $9.28 0.00%
DIOD $28.79 0.00%
ORCT $0.01 0.00%
NEON $3.15 0.00%

Markets

DOW 18,214.42 -10.15 -0.06%
S&P 500 2,110.74 -3.12 -0.15%
NASDAQ 4,987.89 +20.7530 0.42%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs