Tech stocks were down Wednesday along with the major market indices as analysts cut their ratings on a number of the sector's big names.
Yahoo!(YHOO Quote) was down 37 cents, or 1.5%, to $24.26 even as CEO Jerry Yang said in an interview with the Wall Street Journal that he believes he can bring stability back to Yahoo. Yang also accused Microsoft(MSFT Quote) of trying to destabilize Yahoo and having no "real desire" to complete a deal. Microsoft had offered $31 a share for Yahoo, which was rejected by latter as being too low.
Qlogic(QLGC Quote) gained $1.28, or 9.2%, to $15.24 after it raised its guidance for the first quarter. The storage networking company said it sees EPS in the range of 30 cents to 31 cents, compared with analysts' estimates of 27 cents. The company had earlier offered EPS guidance 26 cents to 28 cents. Revenue is now expected to be in the range of $166 million to $168 million, compared with consensus estimates of $156.4 million and beating prior guidance of $154 million to $158 million. ...
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