Friday's Tech Winners & Losers
Updated from 12:09 p.m. EDT
Tech stocks moved modestly higher Friday, following the lead of Dell (DELL).
Dell shares rose 1.5% after the computer maker posted better-than-expected first-quarter results and said that it would lay off about 10% of its workforce. The company earned $759 million, or 34 cents a share, on revenue of $14.62 billion. Analysts polled by Thomson Financial expected earnings of 26 cents a share on revenue of $13.95 billion.
Dell said that job cuts would occur over the next 12 months. "While reductions in headcount are always difficult for a company, we know these actions are critical to our ability to deliver unprecedented value to our customers now and in the future," Dell said. Shares closed up 39 cents to $27.30.Elsewhere, Phazar (ANTP) jumped 25.6% after the antenna maker said its Antenna Products subsidiary received a $969,000 purchase order from PAGE Iberica. The deal calls for Phazar to produce four multiport antenna systems. The systems will be shipped in October for installation at a NATO site in Spain. Shares closed up 81 cents to $6.02. Meanwhile, despite posting better-than-expected fourth-quarter results and issuing solid first-quarter guidance, OmniVision Technologies (OVTI) slipped 6.9%. The company posted adjusted earnings of $3.1 million, or 6 cents a share, on revenue of $119.2 million. Analysts expected a loss of a penny a share on revenue of $105.2 million. Looking ahead, OmniVision sees first-quarter adjusted earnings of 13 cents to 21 cents a share on revenue of $155 million to $165 million. Analysts project earnings of 6 cents a share on revenue of $117.4 million. Shares closed down $1.20 to $16.30.
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