Tech Winners & Losers: Avid Technology
Tech stocks took another deep plunge along with the rest of the market as fears of a global recession shook every corner of the globe.
The Nasdaq tumbled 61 points, or 3.8%, to 1543 in recent trading.
Shares of Avid Technology (AVID) fell 12.9% to $14.04 after reporting disappointing third-quarter results.
The company posted a loss of 12 cents a share, in sharp contrast to the 10 cents a share profit that Wall Street had been expecting. Avid said that it would cut 410 jobs and sell its animation software line to Autodesk (ADSK).Shares of Ariba (ARBA) were down 23.7% to $8.05 after the company missed Wall Street estimates for its fourth quarter results. Ariba also provided a cautious first-quarter outlook, which fell short of analysts' expectations. Overstock (OSTK) got hammered on Friday after the company posted disappointing third-quarter revenue, although its losses were far less than Wall Street's expectations. Still, the news was bad for the online retailer, which acknowledged that it had discovered accounting problems that will require it to restate its results dating all the way back to 2003. The accounting problems translate into an overstatement of revenue on a cumulative basis by $12.9 million and an understatement of losses by $10.3 million. The stock was down 12.6% to $9. Shares of Juniper Networks (JNPR) slipped 7.4% to $16.51, even though the company beat expectations on Thursday, posting a 75% jump in third-quarter income. The company issued broad guidance, with a midpoint below current projections. It expects revenue between $921 million to $971 million, and adjusted income of between 30 cents a share and 33 cents a share. Analysts expect earnings of 32 cents a share on revenue of $967.2 million, according to a consensus survey by Thomson Reuters.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV