ST-Ericsson, the chip joint venture of Ericsson and STMicroelectronics (STM) plans to make a major strategic announcement later today.
Citing an ST-Ericsson spokeswoman, Reuters reports that the announcement was pushed back from "before market open" to the afternoon, European time, for a "technical reason."
The announcement is expected to detail site closures and jobs cuts, and could include seeking a partner for application processors, according to Reuters.Ericsson was one of the most active Nasdaq stocks before market open with volume reaching 260,500. Riverbed (RVBD) was another laggard in pre-market trading on Monday as investors continued to digest the company's latest quarterly results, released last week. The networking specialist fell short of Wall Street's revenue forecast in its first-quarter results, released late on Thursday. Riverbed shares slipped 2.07% to $19.44 before market open on Monday. TheStreet Ratings downgraded Riverbed from 'buy' to 'hold' on Monday, citing the stock's generally disappointing performance, unimpressive growth in net income and "premium valuation." Video company Netflix (NFLX), which reports its first-quarter results after market close, was down 0.69% to $105.38. Texas Instruments (TXN), which also reports first-quarter results on Monday, was down 0.55% to $32.29. Apple (AAPL), which is on deck to report second-quarter results after market close on Tuesday, was down 0.21% to $571.80. Apple was also an active Nasdaq stock on share volume of 161,220. --Written by James Rogers in New York. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: email@example.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.
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