Synopsys (SNPS - Get Report) fell 10.3% after the software company posted better-than-expected second-quarter results but warned that third-quarter earnings would trail expectations. The company posted adjusted earnings of $53.2 million, or 35 cents a share, on revenue of $292.9 million. Analysts expected earnings of 28 cents a share on revenue of $292.1 million.
Looking ahead, Synopsys sees third-quarter earnings of 28 cents to 31 cents a share on revenue of $295 million to $305 million. Analysts project earnings of 33 cents a share on revenue of $300.4 million. Shares closed down $2.91 to $25.39.
Komag (KOMG) tumbled 15.8% after the disk-drive component maker cut its second-quarter revenue guidance. The company now expects revenue to be below previous guidance of $228 million to $233 million. Analysts project revenue of $231 million. "Market pressures have negatively affected both unit volumes and average selling prices," the company said. "In addition, the transition to perpendicular magnetic recording media, new product qualifications, the continued high costs of precious metals, and lower factory utilization will result in significantly reduced operating results." Shares closed down $4.36 to $23.18.
Meanwhile, PacificNet (PACT) vaulted 35.3% after the gaming technology company posted a first-quarter profit. The company earned $308,000, or 3 cents a share, on revenue of $9.3 million. During the year-earlier quarter, the company earned $801,000, or 7 cents a share, on revenue of $6.7 million. ''I am glad to see our turnaround strategy is beginning to show profits as our venture into gaming technology has resulted in our first profitable quarter in the gaming technology business," the company's chief financial officer said. Shares closed up $1.39 to $5.32.As for the broader technology sector, the Nasdaq 100 was down 29.81 points to about 1874.60.