This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!
SYM TRADE IT LAST %CHG
RFMD $16.59 -2.07%
CMCSA $55.94 0.00%
GRMN $47.66 0.00%
GLW $22.74 0.00%
Q $67.26 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

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