Tuesday's Tech Winners and Losers
Updated from 1:42 p.m. EDT
Tech stocks rebounded Tuesday along with the rest of the market after the Federal Reserve attempted to ease the credit crunch by lending up to $200 billion in Treasury securities on an extended-period basis to banks and investment houses.
Video-game retailer GameStop (GME) added $2, or 4.6%, to $45.34 after a Goldman Sachs analyst said the stock is poised for a trading rally. Upcoming game releases, including Grand Theft Auto IV, widely expected to be a big blockbuster, could help drive GameStop shares, the analyst said in a research note.
Shares of Texas Instruments (TXN) lost $1.85, or 6.2%, to $27.81 after the companylowered its forecast for the current quarter on weakness in its wireless business. TI said sales for the quarter will increase between 1% and 5% year-over-year to a range of $3.21 billion to $3.35 billion, lower than its earlier guidance of $3.27 billion and $3.55 billion. The chipmaker also slashed its EPS forecast to range between 41 cents and 45 cents, instead of its earlier guidance of 43 cents to 49 cents. Analysts were looking for revenue of $3.4 billion and 46 cents EPS.TI's weak forecast also took its toll on Nokia (NOK), which fell $1.61, or 4.9%, to $31.28. Analysts said TI's guidance indicating a slowdown in demand for mobile phones, especially 3G handsets, could indicate a weakness at Nokia. Sprint Nextel (S) fell 88 cents, or 13.1%, to $5.83 hitting a new 52-week low. Other tech winners and losers include: Systemax (SYX) (+30%), Citadel Broadcasting (CDL) (+26%) and Spartech (SEH) (-21%).
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