Tech Winners & Losers: Yahoo!
Updated from 2:39 p.m. EDT with new stock prices
Tech stocks were up modestly Tuesday, led in part by
Yahoo!
(YHOO)
, as some analysts and investors believe the company is still in play and open to bids from other firms including
Microsoft
(MSFT) - Get Report
.
Yahoo! rose $1.35, or 5.5%, to $25.72 as CEO Jerry Yang
seemed to backpedal
on Yahoo!'s rejection of Microsoft's $31-a-share offer.
In a letter made public Saturday, Microsoft said the company was willing to go as high as $33 a share, but Yahoo!'s board rejected it, holding out instead for $37 a share. Yahoo! is also facing
from some shareholders angry about the failed deal.
Microsoft's stock was up 62 cents, or 2.1%, to $29.70.
Memory chip maker
Qimonda
(QI)
was up 67 cents, or 18.5%, to $4.30 following news that
LDK Solar
(LDK)
has signed a five-year contract to supply multicrystalline solar wafers to Qimonda. Qimonda said Monday it has partnered with German company
Centrosolar
to enter the market for solar cells.
Advanced Micro Devices
(AMD) - Get Report
gained 60 cents, or 9.2%, to $7.13
that the company will soon reveal its strategy to restructure its manufacturing efforts in a bid to lower costs.
Shares of
Qwest Communications
(Q)
dipped 32 cents, or 6%, to $5.04 after the company
and profit for the first quarter, saying it lost more local customers than expected. Qwest reported net income of $157 million, or 9 cents a share, compared with $240 million, or 12 cents a share, a year ago. Revenue fell 1.5% to $3.4 billion during the quarter. Analysts were expecting profit of 10 cents a share on sales of $3.41 billion.
Metro PCS
(PCS)
lost 97 cents, or 4.9%, to $19.05 after the company
missed
analysts' EPS expectations for the first quarter by a penny. Metro PCS posted EPS of 13 cents. Revenue rose 23.3% to $662 million during the quarter. The company reported quarterly net subscriber additions of 452,000, ending the quarter with approximately 4.4 million subscribers.
Virgin Mobile
(VM)
shed 8 cents, or 2.1%, to $3.67 after the company reported
and revenue in the first quarter on weak subscriber growth and forecast net customer losses in the current quarter.