Nokia, Motorola: Tech Winners & Losers
Nokia,Motorola winners & losers story updated with closing prices.
NEW YORK (TheStreet) --The Nasdaq was largely flat on Friday afternoon, rising 2 points to 2768 as investors reacted with uncertainty to the looming debt ceiling crisis.
Nokia (NOK) shares rose 1.58% to close at $5.80, despite being unseated by Apple (AAPL) and Samsung as the world's most popular smartphone maker.
In the second quarter, Apple shipped 20.3 million smartphones, topping Samsung's 19.2 million and Nokia's 16.7 million.
Shares of Apple barely moved on the news; they closed down 0.34% to $390.48 Cadence Design Systems (CDNS) shares jumped 9.78% to close at $10.33 after Bank of America Merrill Lynch raised its price target on the company to $14.50 from $14. On Thursday, the semiconductor design company reported adjusted second-quarter earnings of 12 cents per share, up from 7 cents per share during the same period last year. E-commerce solutions provider Digital River (DRIV) dropped almost 16% to close at $25.50 after cutting its fiscal-year outlook due to softness in its education and shareware segments. The company slashed its full-year adjusted earnings guidance to $1.12 a share on revenue of $393 million, down from an earlier forecast of $1.15 a share and sales of $405.5 million. Networking equipment company Netgear (NTGR) shares dropped more than 10% Friday to $32.91 after reporting third-quarter revenue forecast below analyst expectations. Second-quarter profit, however, nearly doubled over last year. Motorola Mobility Holdings (MMI) fell 2.31% to $22.38, after its third-quarter and full-year guidance came in lower than analyst expectations. The weaker guidance reflects delays in the debuts of the company's 4G products. The company projected earnings for the third quarter between zero cents per share and 10 cents per share, below the 24 cents per share analysts were expecting. --Written by Olivia Oran in New York.>To follow the writer on Twitter, go to http://twitter.com/Ozoran. >To submit a news tip, send an email to: tips@thestreet.com.
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