Wednesday's Tech Winners & Losers
Macrovision (MVSN) rose 8.4% after the software company announced job cuts and a realignment to its business, and boosted its full-year earnings guidance. Macrovision said it plans to cut about 7% of its workforce, resulting in a second-quarter charge of $4.5 million. As a result of the savings that are expected from the job cuts, Macrovision now sees full-year earnings of $1.33 to $1.43 a share, up from an earlier forecast of $1.25 to $1.35 a share. Analysts project earnings of $1.32 a share. The company continues to see revenue of $280 million to $290 million. "This new structure will enable Macrovision to pursue opportunities that best fit the business units' respective strengths," the company said. Shares closed up $2.38 to $30.73.
Finally, Optical Communication Products (OCPI) rose 6% after Oplink Communications (OPLK) agreed to acquire the rest of the company. Oplink previously bought a 58.1% stake in Optical Communication for $1.50 a share. It now plans to buy the rest of the company for $1.65 a share. The deal is expected to close by the end of the third quarter. Optical Communication Products closed up 9 cents to $1.58. Oplink was down 16 cents to $17.18.
As for the broader technology sector, the Nasdaq 100 was down 17.50 points to 1914.85.
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