Udpated from 11:55 a.m. EDT
Technology stocks moved lower Tuesday as investors weighed a slew of earnings reports.
( ITWO) tumbled 30.2% after the software company reported lower-than-expected first-quarter earnings and said that its chief executive plans to retire at the end of the year. The company earned $3.5 million, or 13 cents a share, on revenue of $65.6 million. Excluding items, the company earned 16 cents a share. Analysts expected earnings of 22 cents a share on revenue of $64.9 million.
i2 also announced that CEO Michael McGrath plans to step down at the end of the year when his contract expires. The company has already begun to look for a replacement. Shares closed down $7.69 to $17.77
( BEAS) slid 3.1% after the software company cut its first-quarter revenue guidance. The company now sees revenue of $342 million to $347 million, down from an earlier forecast of $350 million to $364 million. Analysts polled by Thomson Financial project revenue of $357.8 million. "This quarter we saw a difficult selling environment, especially in the Americas, and several large deals slipped out of the quarter," the company said. Shares closed down 36 cents to $11.43.
shed 2.2% after the software maker posted solid first-quarter results but issued second-quarter guidance that disappointed investors. The company earned $5.9 million, or 12 cents a share, on revenue of $113.5 million. Analysts expected earnings of 11 cents a share on revenue of $107.2 million.
For the second quarter, the company sees earnings of 9 cents to 13 cents a share on revenue of $105 million to $112 million. Analysts project earnings of 12 cents a share on revenue of $109.1 million. Shares closed down 42 cents to $19.06.
( ATHR) rose 5.6% after the chipmaker posted better-than-expected first-quarter results. The company reported adjusted earnings of $13.6 million, or 23 cents a share, on revenue of $95.5 million. Analysts expected earnings of 21 cents a share on revenue of $94.2 million. During the year-earlier quarter, the company posted adjusted earnings of $7.9 million, or 14 cents a share, on revenue of $61.1 million. Shares closed up $1.50 to $28.29.
Away from the earnings front,
moved higher after the supplier of integrated circuits announced that it would buy up to two million shares as part of a new stock buyback plan. The buyback replaces the company's previous two-million share repurchase plan. "We continue to believe that investing in our company through the share repurchase program is an excellent use of our cash, makes prudent economic sense and will enhance value for all Pericom shareholders," the company said. Shares closed up 76 cents, or 7.6%, to $10.77.
As for the broader technology sector, the Nasdaq 100 was up 5.68 points to 1873.43.
Other technology movers included
Level 3 Communications
, down 30 cents to $5.26;
, down 13 cents to $5.09;
, up 46 cents to $30.40;
Sirius Satellite Radio
, down 9 cents to $2.87;
, up 12 cents to $26.86; and
, up 30 cents to $21.80.