Tuesday's Tech Winners & Losers
The broader technology inched up Tuesday, but the biggest movers were heading the other way.
Stec (STEC) plunged 22% after the maker of computer memory posted a first-quarter earnings shortfall and warned that second-quarter earnings would be below forecasts. The company earned $6.7 million, or 13 cents a share, on revenue of $47.2 million. Excluding items, the company earned 5 cents a share. Analysts polled by Thomson Financial expected earnings of 6 cents a share on revenue of $44.8 million. During the year-earlier quarter, the company earned $1 million, or 2 cents a share, on revenue of $40.4 million.
Looking ahead, Stec sees second-quarter earnings of 1 cent to 3 cents a share on revenue of $41 million to $43 million. Analysts project earnings of 9 cents a share on revenue of $48.9 million. Shares were trading down $1.81 to $6.32.
Telestrone Technologies (TSTC) tumbled 20% after the provider of wireless communication products posted a decline in first-quarter earnings. The company earned $448,000, or 5 cents a share, on revenue of $4.8 million. During the year-earlier quarter, the company earned $717,000, or 8 cents a share, on revenue of $3.8 million.Looking ahead, Telestone sees earnings and revenue growing by more than 30% during fiscal 2007. Shares were trading down $1.56 to $6.20. China TechFaith (CNTF) slid 14% after the handset-software company posted disappointing first-quarter results. The company reported a loss of $3.4 million, or 8 cents a share, on revenue of $27.3 million. Analysts had expected a smaller loss of 2 cents a share on revenue of $28.9 million. During the year-earlier quarter, the company earned $1.3 million, or 3 cents a share, on revenue of $12.8 million.
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