Tech Winners & Losers: Yahoo!
05/06/08 - 02:39 PM EDT
Priya Ganapati
Tech stocks were up modestly Tuesday, led in part by Yahoo!(YHOO Quote - Cramer on YHOO - Stock Picks), as some analysts and investors believe the company is still in play and open to bids from other firms including Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks).
Yahoo! rose $1.55, or 6.4%, to $25.94 as CEO Jerry Yang seemed to backpedal on Yahoo!'s rejection of Microsoft's $31-a-share offer. In a letter made public Saturday, Microsoft said the company was willing to go as high as $33 a share, but Yahoo!'s board rejected it, holding out instead for $37 a share. Yahoo! is also facing possible lawsuits from some shareholders angry about the failed deal. Microsoft's stock was up 43 cents, or 1.5%, to $29.51. Memory chip maker Qimonda(QI Quote - Cramer on QI - Stock Picks) was up 65 cents, or 17.9%, to $4.30 following news that LDK Solar(LDK Quote - Cramer on LDK - Stock Picks) has signed a five-year contract to supply multicrystalline solar wafers to Qimonda. Qimonda said Monday it has partnered with German company Centrosolar to enter the market for solar cells. Advanced Micro Devices(AMD Quote - Cramer on AMD - Stock Picks) gained 49 cents, or 7.5%, to $7.02 on speculation that the company will soon reveal its strategy to restructure its manufacturing efforts in a bid to lower costs. Shares of Qwest Communications(Q Quote - Cramer on Q - Stock Picks) dipped 33 cents, or 6.2%, to $5.03 after the company posted light sales and profit for the first quarter, saying it lost more local customers than expected. Qwest reported net income of $157 million, or 9 cents a share, compared with $240 million, or 12 cents a share, a year ago. Revenue fell 1.5% to $3.4 billion during the quarter. Analysts were expecting profit of 10 cents a share on sales of $3.41 billion.
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