Updated from 11:40 a.m. EDT
Tech stocks moved lower Thursday, weighed by several companies that reported poor earnings.
Network Appliance(NTAP Quote) tumbled 16.6% after the maker of networking gear posted in-line fourth-quarter earnings but warned that first-quarter earnings would be below Wall Street's forecast. The company reported adjusted fourth-quarter earnings of $114.2 million, or 30 cents a share, on revenue of $801.2 million. Analysts polled by Thomson Financial expected earnings of 30 cents a share on revenue of $798.5 million.
Looking ahead, Network Appliance sees first-quarter adjusted earnings of 24 cents to 25 cents a share on a sequential revenue decline of 6% to 7%, or revenue of $745 million to $753 million. Analysts project earnings of 31 cents a share on revenue of $814.4 million. Shares closed down $6.30 to $31.76. ...
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