Tech stocks were down Wednesday, along with the major market
Indices, as oil prices spikedto a new high.
Intuit gained $1.46, or 5.4%, to $28.67
after the company
beat
analysts' estimates for the third quarter and issued in-line
guidance for the current quarter. Revenue during the third quarter
grew 15% to $1.31 billion and topped analysts' expectations of $1.29
billion. Profit was up 21% to $444.2 million and earnings, excluding
items, were $1.39 a share. Analysts were looking for $1.33 a share.
Micron Technology rose 28 cents, or 3.4%, to $8.49 after
an analyst at Deutsche Bank upgraded the stock to buy from hold and
raised the price target on it to $11 from $7 based on improving
pricing trends in the DRAM memory market.
GameStop shares were up 72 cents, or 1.4%, to $52.30, a day
ahead of the company's first-quarter results. Analysts are expecting
earnings of 35 cents a share on revenue of $1.71 billion in the
quarter. For the current quarter, GameStop is expected to report EPS
of 26 cents on revenue of $1.62 billion.
Garmin shed $1.36, or 2.9%, to $46.01 after an analyst at
Deutsche Bank said the company could face increased pricing pressure
for its GPS-based personal navigation devices. This year's second
quarter is unlikely to see an increase in demand for the devices,
which could result in excess inventory for Garmin, said the analyst in
a note.
Shares of
Hewlett-Packard were down $1.08, or 2.3%,
to $45.38 despite the company reporting a 16% growth in its bottom line
during the second quarter due to
strong
performance in international markets. Revenue during the quarter
rose to $28.3 billion, from $25.5 billion a year ago, with 70% of
sales coming from overseas. H-P had preannounced its results last week
when it said it will acquire technology consulting company
EDS(EDS Quote - Cramer on EDS - Stock Picks)
for $13.9 billion.
Priya Ganapati
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