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.