Tech Winners & Losers: Yahoo!
Tech stocks ended their weeklong rally, tumbling with the rest of the market, a day after voters elected Barack Obama as president to help navigate the country through an economic crisis.
The Nasdaq fell 98 points, or 5.5%, to close at 1682.
Yahoo! on Wednesday acknowledged that Google (GOOG) had pulled out of a search deal that was expected to generate $250 million to $450 million in operating cash flow, and potentially $800 million in annual revenue.That has left investors wondering if Microsoft is now in a better position to acquire Yahoo!. The two companies had walked away from negotiations in June. Shares of Microsoft fell 6.2% to close at $22.07. Time Warner Cable (TWC) saw its shares tumble 3.2% to $19.90 after it lowered its full-year outlook . The company posted better-than-expect third quarter earnings but cut its 2008 guidance to $1.10 a share to $1.15 a share. Analysts had been expecting earnings of $1.13 a share. Time Warner anticipates an 8% rise in full-year revenue, but that's down from its earlier projection for a 9% growth. SunPower's (SPWRA) shares plummeted 35% to $32.84 after the company said that a stronger U.S. dollar will reduce fourth quarter and fiscal 2009 earnings growth . The company now expects fourth-quarter revenue of $388 million to $418 million, and earnings of 58 cents to 65 cents a share, excluding items. That's below Wall Street estimates for earnings of 75 cents a share in the fourth quarter. For 2009, SunPower expects total revenue of $2 billion to $2.1 billion and earnings of at least $3 a share.
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