Tuesday's Tech Winners & Losers
Shares of Leap Wireless (LEAP) fell modestly after the company said its Cricket Communications subsidiary would sell $750 million of unsecured senior notes due 2014. Proceeds from the offering will be used to repay a bridge-loan facility and general corporate purposes.
Separately, Leap said it added 161,000 new customers during the third quarter. For the first nine months of the year, the company has added about 329,000 customers. "Our third-quarter customer growth reflects the strong acceptance we are seeing across our new markets for our services and is a significant improvement from last year," the company said. Shares were trading down 20 cents to $51.58.
Perficient (PRFT) rose 5% after the information technology consulting firm lifted its third-quarter revenue projection. The company estimates revenue of $43.3 million to $44.5 million, up from an earlier forecast of $41 million to $43.1 million. On a pro forma basis, which includes the results of recently acquired Digital Consulting and Software Services, the company predicts revenue of $44.4 million to $45.6 million. Analysts project revenue of $42.6 million. Shares were adding 77 cents to $16.79.
Shares of Phazar (ANTP) plunged 14% after the antenna maker said it swung to a first-quarter loss on a large decline in revenue. For the period ended Aug. 31, the company reported a loss of $100,188, or 4 cents a share, on revenue of $1.1 million. A year earlier, the company recorded a profit of $519,419, or 23 cents a share, on revenue of $3.2 million. Phazar blamed the results on a slow down in government spending for antennas and towers that it provides to U.S. government military and civil agencies. Shares were trading down 88 cents to $5.48.Other technology movers included Sun Microsystems (SUNW), up 3 cents to $5; JDSU (JDSU), up 1 cent to $2.12; Intel (INTC), down 3 cents to $20.59; Oracle (ORCL), up 6 cents to $18.61; Cisco Systems (CSCO), down 24 cents to $24.07; Microsoft (MSFT), down 19 cents to $27.53; and Applied Materials (AMAT), up 1 cent to $18.48.
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