Tech Winners & Losers: Qualcomm
09/11/08 - 02:51 PM EDT
Pia Sarkar
Tech stocks were on a bumpy ride Thursday, starting off the morning in the red before flattening out by mid-afternoon.
The Nasdaq added 7 points -- or .3% -- to 2235 in recent trading. Qualcomm(QCOM Quote - Cramer on QCOM - Stock Picks) shares were rising one day after the company's chief operating officer told investors at a Deutsche Bank conference that demand for advanced mobile technology remains healthy. Shares of chipmaker Actel(ACTL Quote - Cramer on ACTL - Stock Picks) bounced back one day after lowering third-quarter guidance due to consumer market weakness in Asia. Actel now sees revenue falling 7% to 9% sequentially instead of its previous guidance calling for a 3% decline to a 1% rise. The stock slipped 5% in after-hours trading on Wednesday but climbed by 4.1% to $11.77 on Thursday. Nvidia(NVDA Quote - Cramer on NVDA - Stock Picks) shares were down 4.8% to $10.30 after Lehman Brothers downgraded its rating to equal-weight from overweight and cut its price target to $12 from $15. The firm pointed to weakness in the desktop and notebook graphics markets. The stock was up 4.4% to $48.78 in recent trading. Shares of MEMC Electronic Materials (WFR Quote - Cramer on WFR - Stock Picks) were down on Thursday after the company said it would start taking safety precautions at its Pasadena, Texas facility in preparation for Hurricane Ike. That will include shutting down operations, which will affect its polysilicon production at the site. The stock tumbled 8.7% to $31.08. InterDigital(IDCC Quote - Cramer on IDCC - Stock Picks) was taking a hit after offering third-quarter revenue guidance short of Wall Street expectations. The company expects revenue to range between $54 million and $57 million, below analysts' estimates of $60 million.
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