Thursday's Tech Winners & Losers
Shares of Motorola (MOT) were among the technology sector's losers Thursday, falling 6.5% after the cell-phone maker slashed its first-quarter revenue guidance and warned that earnings would be well below expectations.
The company now sees revenue of $9.2 billion to $9.3 billion, well below its previous guidance of $10.4 billion to $10.6 billion. The company expects adjusted earnings of break-even to 2 cents a share. Analysts project earnings of 17 cents a share on revenue of $10.44 billion.
Motorola also announced that David Devonshire would step down as chief financial officer. He'll be replaced by Thomas Meredith, who will serve as acting CFO beginning on April 1. "Performance in our mobile devices business continues to be unacceptable, and we are committed to restoring its profitability," the company said. "After further review following the leadership change in our mobile devices business, we now recognize that returning the business to acceptable performance will take more time and greater effort." Shares were down $1.22, to $17.52, below their 52-week low.
Shares of Intuit (INTU) were falling 8% after the software company turned in season-to-date sales of its consumer tax products and services and reiterated its full-year earnings and revenue guidance.Through March 17, the company said that TurboTax federal unit sales increased just 1% over last year's results. Despite the small increase, the company continues to expect unit growth of 3% to 5% for the full season. Additionally, the company continues to expect revenue growth of 10% to 15% in the segment. Looking ahead, Intuit reiterated its adjusted full-year earnings and revenue guidance. The company continues to see earnings of $1.33 to $1.37 a share on revenue of $2.63 billion to $2.68 billion. Analysts polled by Thomson First Call project earnings of $1.37 a share on revenue of $2.66 billion. Shares were trading down $2.49, to $27.51.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV