Best Buy also slashed its full-year earnings outlook.
The company reported a profit of $177 million, or 47 cents a share, compared with $254 million, or 60 cents, in the year-ago period. Analysts were calling for a profit of 53 cents a share.
Still, shares were gaining 3.2% to $25.75 in premarket trading Tuesday as investors awaited more information from the company's conference call at 10 am EDT.
Chipmaker Intersil (ISIL) lowered its revenue outlook for the third quarter, citing weak demand across all of its end markets. The company now sees revenue of $184 million to $188 million for the three months ending in September vs. a previous projection of $205 million to $213 million. The current average estimate of analysts polled by Thomson Reuters is for revenue of $209 million. Dave Bell, Intersil CEO, said, however, he now see signs that inventory is stabilizing, with bookings likely recovering during the remainder of the third quarter. Shares were adding 2.1% to $10.88.
Computer hardware company Hewlett-Packard (HPQ) said Tuesday it was extending the deadline for its offer for Autonomy, the U.K. software company, to Oct. 3 after it received acceptances from only 41.6% of Autonomy shareholders. Shares were down 0.3% to $22.51 in premarket trading Tuesday.
Networking giant Cisco (CSCO) is holding its annual financial analyst conference on Tuesday at 11 a.m. EDT. Shares were falling 0.3% to $16.04.
iPad maker Apple (AAPL) is more likely than ever to give back to shareholders through a stock buyback or dividend, according to Morgan Stanley. Shares were up 0.3% to $380.94.
Conglomerate General Electric (GE) plans to invest about €86 million ($118 million) to expand n Germany, the biggest economy in the eurozone, Bloomberg reported. Shares were up 0.2% to $15.04.
Royal Philips Electronics (PHG) raised its cost-cutting program to €800 million ($1.09 billion) from an earlier target of €500 million. Shares were unchanged at $16.97.
PAA Natural Gas Storage (PNG) has been raised to buy from neutral by UBS .
Drug company Pharmacyclics (PCYC) reported a fourth-quarter loss of 15 cents a share vs. the Wall Street target of a loss of 14 cents.
Vertically integrated solar products and services company SunPower (SPWRA) said its board has authorized a proposal to reclassify the company's class A and B common shares as a single issue on a one-for-one basis. -- Written by Andrea Tse in New York.
>To contact the writer of this article, click here: Andrea Tse.
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