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Tech Winners & Losers: Qwest

Tech stocks gained ground on Wednesday, recovering from a morning slide after the Federal Reserve cut its benchmark interest rate target by 50 basis points to 1%.

The Nasdaq edged up 3 points, or 0.2%, to 1653 in recent trading.

Shares of Qwest (Q - Get Report) tumbled 7.5% to $2.41 after offering a disappointing forecast for the rest of the year.

The company reported third-quarter earnings Wednesday morning, posting a 93% drop in profit from a year ago. It attributed a large part of the decline to a reversal of the valuation allowance against deferred tax assets in 2007. It now expects full-year results to come in at the low end of its guidance.

Garmin (GRMN - Get Report) shares were up 2.9% to $22.05 after beating third-quarter estimates . But the company also lowered guidance for full-year profit and revenue, falling short of Wall Street expectations.

The Cayman Islands-based digital navigation device maker chopped its profit guidance to $3.78 a share from $3.86 a share, which excludes a gain related to the tender of Tele Atlas shares. It also cuts its revenue target to $3.6 billion, from the previous forecast of $3.9 billion. Analysts had expected Garmin to post a full-year profit of $3.89 a share on revenue of $3.8 billion.

Shares of Corning (GLW - Get Report) slipped 7.4% to $10.57 after missing third-quarter revenue targets and warning that sales would fall short in the fourth quarter.

Corning expects non-GAAP fourth-quarter earnings in a range of 20 cents to 28 cents a share on sales between $1.2 billion and $1.3 billion. That was below Wall Street's expected earnings of 42 cents a share on revenue of $1.54 billion.
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SYM TRADE IT LAST %CHG
CMCSA $62.13 -0.34%
GRMN $43.32 -1.70%
GLW $19.62 -0.38%
Q $72.63 -0.23%
SNE $28.02 -1.30%

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DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

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