This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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) 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) 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) 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.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs