Tech stocks were down Friday, along with the major market indices, following disappointing earnings from companies such as BlackBerry maker Research In Motion (RIMM) and chip company Micron (MU - Get Report).
Micron shed 88 cents, or 12.6%, to $6.11 after it posted a wider-than-expected quarterly loss. Micron lost $236 million in its third quarter, or 30 cents a share, worse than analysts' expectation of a loss of 28 cents a share.
Shares of Research In Motion were down $4.31, or 3.5%, to $119.14, two days after the company disappointed Wall Street with its first-quarter earnings report and outlook. RIM's earnings for the first quarter fell a penny shy of analysts' estimates and the company guided revenue for the current quarter in the range of $2.55 billion to $2.65 billion, lower than Street expectations of $2.43 billion.
Health stocks closed out the week on a bright note, outperforming the broader markets Friday and airing scattered business, regulatory and clinical news.Exelixis (EXEL - Get Report) and GlaxoSmithKline (GSK - Get Report) said early Friday that they will not extend their cancer compound collaboration. Under the terms of the six-year agreement that's wrapping up, Glaxo will retain the option to further develop one of five cancer compounds in Exelixis' early clinical development. Exelixis has the right to develop and commercialize those not selected by Glaxo. Exelixis shares fell 13 cents, or 2.5%, to $5.09, while Glaxo shares edged down 36 cents, or 0.8%, to $43.94. Small-cap stocks were taking on losses alongside the major indices as bears controlled the market action Friday. The Russell 2000 was roughly flat at 698.46, and the S&P SmallCap 600 edged down 0.1% to 370.05. Shares of Azz (AZZ - Get Report) surged 22% higher to $39.35 on better-than-expected fiscal first-quarter earnings. The Fort Worth, Texas-based electrical equipment manufacturer earned $10.1 million, or 82 cents a share, up from $4.1 million, or 34 cents a share, in the same quarter last year. Analysts were looking for earnings of 54 cents a share. Azz is forecasting for fiscal 2009 earnings of $2.95 to $3.05 a share. Analysts are expecting full-year EPS of $2.43, according to Thomson Reuters data.