were among technology's losers Monday, tumbling 14% after the chipmaker cut its fourth-quarter earnings and revenue guidance.
The company anticipates earnings of 25 cents to 27 cents a share for the current quarter, below its prior prediction for earnings of 29 cents to 31 cents a share. Microsemi predicts revenue will be flat to up 2% from the third quarter. Previously, the company projected sequential revenue growth of 7% to 9%. Analysts polled by Thomson First Call project earnings of 30 cents a share on revenue of $108.4 million, or sequential revenue growth of about 8%. Shares were trading down $3.16 to $19.61.
rose 2% after the information technology company lifted its fiscal 2007 earnings forecast. For the period ending June 29, 2007, the company now sees earnings of $2.65 to $2.75 a share, up from an earlier view of $2.60 to $2.70 a share. Analysts project earnings of $2.67 a share. Harris said results would be helped by a tax settlement with the Internal Revenue Service. Harris now sees a fiscal 2007 tax rate of 33%, down from an earlier view of 34%. Shares advanced $1.33 to $44.30.
jumped 8% after the company signed a long-term agreement to produce semiconductor wafers for
. Financial terms of the deal were not disclosed. Shares of Tower were trading up 11 cents to $1.44.
declined 2% after Merrill Lynch cut the stock to neutral from buy, citing an increased risk of sliding flash memory prices. The brokerage firm said that the market would struggle to absorb new supply over the next six to nine months, although SanDisk's stock price could be strong if NAND flash prices stabilize. SanDisk shares were down $1.28 to $54.10.
Other technology movers included
, up 1 cent to $5.03;
, up 24 cents to $26.90;
, down 10 cents to $17.44;
, up $1.11 to $74.11;
, unchanged at $19.07;
, up 8 cents to $16.92;
, up 56 cents to $35.67; and
, down 16 cents to $22.72.