Brocade, Nokia winners and losers story updated with closing prices.
NEW YORK (TheStreet) -- Brocade (BRCD), the Silicon Valley network equipment maker, helped push the tech-heavy Nasdaq down in trading Friday. Its stock dropped more than 28% to close at $3.52 after the firm lowered its fiscal third-quarter outlook on weaker demand for its Internet infrastructure products.
Brocade, which reports fiscal third-quarter earnings on Aug. 18, said it expects total revenue of $500 million to $505 million, which would be flat on a year-over-year basis, and earnings of 8 cents to 9 cents per share. Analysts had expected earnings of 11 cents per share on revenue of $548.3 million. Brocade previously projected revenue of $540 million to $560 million and earnings of 10 cents to 11 cents per share excluding items for the period.
Dolby Laboratories (DLB), the supplier of audio technology to the entertainment industry, fell 18% to close at $30.89 after reporting Thursday that its products weren't included in the current version of Microsoft Windows 8. The company said that as an alternative, it would license its technologies directly to PC makers and software vendors. After the news, a series of analyst ratings cuts were initiated.British chip company ARM Holdings (ARMH), whose chip designs power the majority of the world's smartphones, continued its slide Friday, losing 2.26% to close at $24.64. While the firm reported solid earnings last week, its cautious holiday sales outlook, highlighted by the company's move to keep its forecasts for the year unchanged, spooked investors. ARM, whose tech is found in Apple's (AAPL) iPhone and iPad as well as many other Android devices, shipped 1.1 billion processors in the second quarter. After hitting a new 52-week low earlier in the week, shares of Nokia (NOK) -- which until the second quarter was the largest smartphone maker in the world -- rose about 5% to $5.25 Friday. Aiding the ascension was news that its new, purely-Nokia phone, the N9, will launch soon -- Sept. 23. While reports peg the MeeGo-powered phone as innovative and attractive, it could be doomed before arrival. That's because Nokia's new wave of Microsoft (MSFT)-powered handsets, symbols of the Finnish firm's turnaround, will arrive later this year. Priceline (PCLN) shares continued their rally, jumping more than 9% to close at $527.81 following Thursday's solid earnings beat. The travel-booking Net firm, which said that its airline ticket bookings were the strongest it's seen in six quarters, posted a 44% rise in second-quarter revenue, to $1.1 billion. --Written by Maggie Overfelt in New York. >To follow the writer on Twitter, go to http://twitter.com/maggieoverfelt.
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