Updated from 11:03 a.m. EDT
Tech stocks moved slightly lower Tuesday as tech investors continued to weigh earnings news.
KongZhong(KONG Quote) plunged 25.8% after the wireless services company posted disappointing first-quarter results and warned that second-quarter revenue would be below Wall Street's forecast. The company posted adjusted first-quarter earnings of $2.1 million, or 6 cents per American depositary share, on revenue of $20.1 million. Analysts polled by Thomson Financial expected earnings of 6 cents a share on revenue of $20.4 million. For the second quarter, the company sees revenue of $16 million to $18 million, which is below the $21.2 million that analysts project. Shares closed down $1.88 to $5.41.
Elsewhere, STMicroelectronics(STM Quote) rose 1.9% after teaming with fellow chipmaker Intel(INTC Quote) to form a new semiconductor company that supplies flash memory equipment. "The new memory company will have the people, scale and technology leadership to meet the needs of customers requiring leading-edge products in this highly competitive marketplace," said Intel. ...
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