Shares of InFocus (INFS) were among technology's losers Tuesday, tumbling 18% after the maker of digital projectors projected third-quarter revenue below Wall Street's targets. The company also said that it hired Banc of America Securities to help it explore strategic alternatives.
The company estimates third-quarter revenue of $78 million to $82 million, well below the $95.2 million that analysts polled by Thomson First Call project, and below the $97.6 million reported for the second quarter. InFocus expects its operating loss to be wider than the $8.9 million loss it recorded for the second quarter.
As for the plan to explore strategic alternatives, InFocus said it won't comment further on a move unless it commits to a transaction. "We continually look for ways to enhance shareholder value and, in doing so, we plan to consider all reasonable alternatives as we move through this process," the company said. Shares recently changed hands at $2.44, down 55 cents.
Parametric Technology (PMTC) rose 8% after the software company boosted its fourth-quarter estimates. For the period ended Sept. 30, the company expects to post adjusted earnings of 35 cents to 37 cents a share, with revenue of about $245 million. Previously, Parametric forecast earnings of 26 cents to 30 cents a share and revenue of $217 million to $225 million. Analysts anticipate earnings of 29 cents a share and a top line of $222 million.Looking ahead, the company sees first-quarter adjusted earnings of 19 cents to 21 cents a share on revenue of $215 million to $220 million. Analysts project earnings of 25 cents a share on revenue of $218.7 million. Shares were trading up $1.47 to $19.71.