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Tech Winners & Losers: Symantec

Tech stocks continued their climb on Thursday, helped by a narrower-than-expected decline in the GDP in the third quarter, which boosted the rest of the market.

The Nasdaq rose 35 points, or 2.1%, to 1693 in recent trading.

Shares of Symantec (SYMC - Get Report) plunged 16% to $12.45 one day after the company posted a second-quarter earnings beat but fell well short of third-quarter revenue expectations.

The company sees third-quarter revenue between $1.45 billion and $1.5 billion, and earnings between 30 and 33 cents, excluding charges. Analysts were expecting third-quarter revenues of $1.61 billion and earnings of 36 cents.

Shares of Alcatel-Lucent (ALU - Get Report) were soaring 11.7% to $2.58 after the company narrowed its losses in the third quarter and reaffirmed guidance for the year.

The company reported a loss of 40 million euros ($52.9 million) as sales fell and the company recorded charges of 81 million euros related to the Alcatel-Lucent business combination.

Alcatel-Lucent said that its profitability remains "unsatisfactory" but reiterated its outlook for the year, expecting revenue to be down in the low- to mid-single-digit range.

Motorola (MOT) shares slipped 5.5% to $5.16 after the company swung to a third-quarter loss and lowered its outlook for the year.

The handset maker reported a loss of $397 million, or 18 cents a share, in the third quarter compared with a profit of $60 million, or 3 cents a share, in the year-ago period. Excluding one-time items, Motorola had a profit of 5 cents a share.

Sales for the first quarter were down 15% to $7.48 billion, down 15% from a year earlier. For the full year, it now expects to book a profit of 5 cents a share to 7 cents a share, down slightly from its previous forecast.

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ALU $3.74 0.27%
BRCD $11.57 0.00%
EMC $25.81 0.00%
EXPE $92.76 0.00%
SYMC $23.28 0.00%


DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

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