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Thursday's Tech Winners & Losers

Updated from 11:40 a.m. EDT

Tech stocks moved lower Thursday, weighed by several companies that reported poor earnings.

Network Appliance (NTAP - Get Report) tumbled 16.6% after the maker of networking gear posted in-line fourth-quarter earnings but warned that first-quarter earnings would be below Wall Street's forecast. The company reported adjusted fourth-quarter earnings of $114.2 million, or 30 cents a share, on revenue of $801.2 million. Analysts polled by Thomson Financial expected earnings of 30 cents a share on revenue of $798.5 million.

Looking ahead, Network Appliance sees first-quarter adjusted earnings of 24 cents to 25 cents a share on a sequential revenue decline of 6% to 7%, or revenue of $745 million to $753 million. Analysts project earnings of 31 cents a share on revenue of $814.4 million. Shares closed down $6.30 to $31.76.

Elsewhere, CTS (CTS - Get Report) slumped 9.2% after the maker of electronic components posted disappointing first-quarter results. The company earned $4 million, or 11 cents a share, on revenue of $163.3 million. Excluding items, the company earned 13 cents a share. Analysts expected earnings of 15 cents a share on revenue of $163.9 million.

Looking ahead, CTS now sees full-year earnings of 71 cents to 75 cents a share, down from an earlier forecast of 76 cents to 80 cents a share. CTS now predicts revenue growth of 5% to 8%, down from earlier guidance of 7% to 10%. Shares were down $1.24 to $12.26.

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PACT $7.24 0.42%
CTS $17.65 0.00%
NTAP $35.10 0.00%
SNPS $45.79 0.00%
AAPL $123.25 0.00%


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

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