NEW YORK ( TheStreet) -- Shares of Cirrus Logic (CRUS - Get Report) plunged 8.45% to $19.60 before market open as investors responded to the component maker's weaker-than-expected first-quarter guidance.
"We feel investors have been waiting for expectations to be reset lower following broadly held concerns over iPhone 5 and iPad 4 demand," wrote Bobby Burleson, an analyst at Cannacord Genuity, in a note released on Tuesday. Cannacord lowered its Cirrus price target to $25 from $30.
Cirrus Logic was also one of the most active pre-market Nasdaq stocks on share volume of 250,690.Intel (INTC - Get Report) dipped 0.89% to $21.72 despite edging past Wall Street's sales estimate in its first-quarter results on Tuesday.
The chipmaker earned 40 cents a share, down from 53 cents a share in the prior year's quarter. Intel reported revenue of $12.6 billion, compared to $12.9 billion for the same period last year. Analysts surveyed by Thomson Reuters were looking for earnings of 41 cents a share and revenue of $12.59 billion. Intel reported a gross margin of 56%, at the low end of the company's guidance, and down 8 percentage points year over year. The No. 1 chip maker expects second-quarter revenue of $12.9 billion, plus or minus $500 million, broadly in line with Wall Street's forecast of $12.85 billion. Intel also predicts a gross margin of 58%, plus or minus a couple of percentage points. The Santa Clara, Calif.-based company was another active pre-market Nasdaq stock on share volume of 733,196.
Yahoo! (YHOO - Get Report) shares fell 2.1% to $23.29 after the company's first-quarter results, released late on Tuesday. The Internet giant was also the most active pre-market Nasdaq stock on share volume of 2,078,842. Despite beating Wall Street's earnings projection, Yahoo! missed on revenue and guidance was weaker than anticipated. Apple (AAPL - Get Report) shares were off 0.91% to $422.34, while Sirius XM (SIRI - Get Report) slipped 0.49% to $3.03. -- Written by James Rogers in New York. Follow @jamesjrogers >To submit a news tip, send an email to: firstname.lastname@example.org
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