Tech Winners & Losers: Yahoo!
Microchip Technology (MCHP) shares fell 8.5% to $23.12 after Goldman Sachs downgraded the stock to sell from neutral as a result of a slowdown in the company's core growth and the impact of increased competition. The firm cut Microchip's price target to $21 from $26.
VMware (VMW) shares also declined on Wednesday, by 10% to $27.51. Merrill Lynch downgraded the stock to neutral from buy, but raised its price target to $31 from $26.
Shares of IAC/InterActive Corp (IACI) were up 3.3% to $17.14 after beating Wall Street's third-quarter estimates.
Without one-time events and expenses related to its spinoffs, IAC would have earned 25 cents per share, well above analysts' expectations of 16 cents per share. Third-quarter revenue rose 10% to $369.3 million, topping estimates for $355.4 million.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV