Tuesday's Tech Winners & Losers
Shares of Atmel (ATML) were among technology's losers Tuesday, dropping 14% after the chipmaker postponed the release of its second-quarter results amid a review into its past stock-option grants.
Atmel said it won't release its second-quarter results until the independent investigation of its option practices and timing has been completed. The company, which planned to release earnings Tuesday, said it doesn't expect to complete the option investigation by the Aug. 14 extended due date for quarterly report filings with the Securities and Exchange Commission. Shares were trading down 69 cents to $4.13.
Shares of Agere Systems (AGR) jumped 23% after the chipmaker posted better-than-expected third-quarter earnings. For the period ended June 30, the company earned $47 million, or 27 cents a share, on revenue of $382 million. Excluding items, Agere earned $37 million, or 22 cents a share. Analysts anticipated earnings of 16 cents a share on revenue of $399.9 million. A year earlier, the company posted adjusted earnings of $43 million, or 23 cents a share, on revenue of $433 million.
Looking ahead, Agere sees fiscal fourth-quarter adjusted earnings of 21 cents to 26 cents a share, with revenue of $375 million to $400 million. Analysts project earnings of 21 cents a share on revenue of $405.6 million. Shares were up $2.75 to $14.75.Zoran (ZRAN) tumbled 30% after the chipmaker posted better-than-expected second-quarter revenue, but warned that third-quarter revenue would be below forecasts. The company reported revenue of $127.9 million, which included $5.6 million from a legal settlement. Without the settlement, the company would have posted revenue of $122.3 million. Analysts polled by Thomson First Call expected a top line of $119.8 million. During the year-earlier period, the company posted revenue, excluding a legal settlement, of $95.1 million. For the third quarter, Zoran sees revenue of $130 million to $134 million, compared with analysts' forecast of $138.3 million. Zoran said it plans to post its full second-quarter earnings results after it completes a previously announced review of its historical stock-option practices. Shares were trading down $5.92 to $13.81.
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