Tech Winners & Losers: Nortel
Shares of Brocade Communications (BRCD) climbed 9.9% to $4.22 after the data storage equipment maker raised its sales outlook for the fourth quarter based on preliminary results.
The company now expects to report revenue of $396 million to $400 million, an increase from its previous guidance of $375 million to $385 million. It also expects earnings of 3 cents to 5 cents a share, widening its earlier estimate of 4 cents to 5 cents a share.
On Friday, Brocade revealed that it had revised a deal with Foundry Networks (FDRY), giving Foundry shareholders $16.50 a share in cash in a deal worth $2.6 billion. Brocade had earlier offered $19.25 a share but lowered the price amid concerns over the financial crisis.
Shares of Foundry were up 6.9% to $15.44 on Monday.Dish Network (DISH) shares tumbled 13.6% to $13.41 after posting disappointing third-quarter results. The company reported third-quarter revenue of $2.94 billion, in line with Wall Street expectations. But third-quarter profit came in at 20 cents a share, well below analysts' expectations of 58 cents a share.
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