Updated from 12:36 p.m. EDT
Technology stocks moved modestly higher Thursday, despite a number of the biggest movers heading in the opposite direction on poor earnings news.
In the broader technology sector, the
traded up 15.4 points to about 1813.5.
, however, plunged 28.9% after it warned that first-quarter revenue would be well below expectations. The company sees revenue of $3.4 million to $3.6 million.
"Our first quarter revenues were lower than our internal work plan following both a delay in the receipt of previously anticipated orders and a delay in receiving acceptance for certain customer projects that are part of our backlog," the company said, adding that the shortfall is also expected to impact earnings. Analysts project earnings of 3 cents a share on revenue of $7.5 million. Shares closed down $1.31 to $3.23.
also were hammered after the maker of telecom equipment warned first-quarter results would be lower than expected. The company sees a loss of $1.7 million to $2.2 million on revenue of $5 million to $5.1 million. Analysts project earnings of a penny a share on revenue of $8.35 million. Shares closed down $3.32, or 24%, to $10.34.
Research In Motion
slid 8.2% after the BlackBerry maker posted disappointing fourth-quarter results and said it is being formally investigated by the
Securities and Exchange Commission
. The company earned $187.9 million, or 99 cents a share, on revenue of $930.4 million. Analysts expected earnings of $1 a share on revenue of $935.4 million.
The company also said the SEC is formally investigating its historical stock option practices. Previously, the SEC was only looking at the company on an informal basis. "The company believes that the focus of this investigation is substantially the same as the informal inquiry," Research In Motion said. Shares closed down $11.92 to $134.10.