SanDisk, AMD, Zynga: Tech Winners & Losers
NEW YORK (TheStreet) -- SanDisk (SDK) was one of the largest gainers in technology, soaring 14% to $39.97, on unexpectedly strong second-quarter earnings.
The Milpitas, Calif.-based company reported earnings of 21 cents per share on $1.03 billion of revenue, beating the estimates of analysts polled by Thomson Reuters, who were looking for 18 cents a share and $1.02 billion in revenue. CEO Sanjay Mehrotra expressed a positive outlook for the remainder of the year.
"We believe that strengthening industry fundamentals and our expanding portfolio of solutions will contribute to improving financial results in the second half of 2012," he said on the company earnings call.
Zynga (ZNGA) popped 4.50% to $4.76 in end of the week trade. The lackluster stock has lost almost 50% year to date.
The social gaming company announced that Ellen Siminoff, President and CEO of educational publishing company Shmoop University and a founding executive at Yahoo! (YHOO), has joined the company's board of directors. AMD (AMD) tumbled 11.38% to $4.28 on Friday, hitting a new 52-week low. The Sunnyvale, Calif. semiconductor company reported 6 cents per share on $1.41 billion of revenue, a revenue decrease of 11% from the previous quarter and 10% year-over-year. "Overall weakness in the global economy, softer consumer spending and lower channel demand for our desktop processors in China and Europe made the closing weeks of the quarter challenging," said AMD's CEO Rory Read. --Written by Nathalie Pierrepont in New York. >To submit a news tip, send an email to: tips@thestreet.com. Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices. >Contact by Email. Follow @nrpierrepontSelect the service that is right for you!
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