Tech Winners & Losers: Nokia
07/17/08 - 02:38 PM EDT
Priya Ganapati
Tech stocks were up Thursday, led by handset maker Nokia(NOK Quote - Cramer on NOK - Stock Picks), but eBay(EBAY Quote - Cramer on EBAY - Stock Picks) tumbled following a soft outlook from the company for the current quarter.
Nokia gained $2.06, or 8.2%, to $27.19 after the company offered a rosy outlook for the second half of the year for its mobile phone unit. Nokia said it expects year-over-year global market unit growth of 10% or more, allaying fears of a broad industry slowdown. In the third quarter, Nokia expects industry mobile device volumes to be up sequentially but its market share is likely to remain the same. Microsoft(MSFT Quote - Cramer on MSFT - Stock Picks) added 53 cents, or 1.9%, to $27.79 ahead of its fourth-quarter earnings report. Analysts are expecting earnings of 47 cents a share on revenue of $15.6 billion, compared with earnings of 39 cents a share on revenue of $13.3 billion. Texas Instruments(TXN Quote - Cramer on TXN - Stock Picks) was up 97 cents, or 3.5%, to $29.04. Nokia forecast global market unit growth of more than 10%, which could help drive demand for Texas Instruments' chips. Intel(INTC Quote - Cramer on INTC - Stock Picks) rose $1.27, or 6%, to $22.18 following a slew of positive notes from Wall Street analysts based on the company's strong results Tuesday. Shares of eBay were down $4.17, or 14.8%, to $23.93 after it offered weak outlook for the third quarter and struggled to show significant growth in the total value of items sold on the site. For the third quarter, eBay said it expects to earn 39 cents to 41 cents a share before items on revenue of $2.1 billion to $2.15 billion. Analysts were expecting earnings of 41 cents a share on revenue of $2.18 billion. Analysts at Goldman Sachs, Thomas Wiesel and American Technology Research cut their rating on the stock following the results.
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