Thursday's Tech Winners & Losers
Updated from 12:49 p.m. EDT
The broader technology sector inched up Thursday, but the biggest movers were heading lower.
Research In Motion (RIMM) rose 4% after a published report said that the BlackBerry maker would start selling its handheld devices in China. The Globe and Mail of Canada said the company would likely start selling the BlackBerry 8700g in China at the end of August. The paper cited a manager in the company's Beijing office. Shares closed up $8.25 to $216.19.
Elsewhere, Orbcomm (ORBC) fell 4.1% after the data communications company announced second-quarter subscriber numbers and reiterated its full-year forecast. The company added some 28,000 billable subscriber communicators during the quarter, representing an 11.2% sequential increase. For the full year, the company continues to expect 150,000 to 170,000 net additions of billable subscriber communicators for 2007. Shares closed down 66 cents to $15.62.Meanwhile, shares of Arris Group (ARRS) slid 1.7% after UBS downgraded the telecom technology company to neutral from buy. Despite the downgrade, UBS raised its price target on the stock to $19 from $18 and lifted its 2008 earnings forecast to $1.05 a share from $1 a share. The firm said that it doesn't see the stock moving much higher, given the stock's big run so far this year. Shares closed down 30 cents to $17.20. Entrust (ENTU) slumped 14.8% after the software company warned that second-quarter results would be below forecasts. The company sees an adjusted loss of 2 cents a share on revenue of $24.3 million. Analysts polled by Thomson Financial project a profit of 3 cents a share on revenue of $27.4 million. Looking ahead, Entrust sees second-quarter adjusted earnings of 4 cents a share on revenue of $55 million. Analysts project earnings of 10 cents a share during the second half on revenue of $61.4 million. Shares closed down 59 cents to $3.41. Finally, InPhonic (INPC) rose 6.4% after the wireless services company said that it regained compliance with Nasdaq listing requirements. "We are pleased that the Nasdaq compliance issues are resolved," the company said. "We are now completely focused on our goal of driving future profitable growth and generating positive operating cash flow as soon as possible." The company is now current with all of its Securities and Exchange Commission filing requirements. Shares were up 28 cents to $4.66. As for the broader technology sector, the Nasdaq 100 was up 15.86 points to about 1981.
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