Volt Information Sciences
were among technology's losers Friday, slumping 15% after the company, which provides staffing and telecom services, posted third-quarter results that disappointed investors.
For the period ended July 30, the company posted earnings of $8.4 million, or 53 cents a share, on revenue of $584.9 million. Two analysts polled by Thomson First Call had expected earnings of 62 cents a share, while a single analyst expected revenue of $605 million. During the year-earlier period, the company earned $5 million, or 32 cents a share, on revenue of $543.5 million. Shares were trading down $6 to $34.81.
Silicon Motion Technology
rose 3% after the developer of chip components lifted its third-quarter revenue guidance. The company now sees revenue of $27 million to $28 million, up from an earlier forecast of $25.5 million to $27.5 million. Analysts project revenue of $26.7 million.
"This third quarter is shaping up well for us," the company said. "Recently we have seen signs of improvement in the pricing environment for NAND flash memory, and, more importantly, we are seeing demand continue to strengthen for flash memory cards that are used with cellular phones." Shares were trading up 47 cents to $14.79.
rose 3% after the software maker said that it would get court approval in Israel to continue with a repurchase program of up to $25 million in stock. Since beginning a buyback program in May, the company has bought some $10 million shares.
The latest buyback plan requires court approval, because the size of the buyback is significantly larger. Shares were trading up 39 cents to $14.23.
fell 6% after Citigroup cut the stock to hold from buy. The firm, which lowered its earnings estimate for the company, said that fundamental growth could slow down at FormFactor during the next two quarters. Citigroup said that new products create near-term risk. Citigroup has a target price of $45 on the stock. Shares were trading down $2.59 to $42.66.
rose 5% after the company announced the hiring of a new chief executive. The maker of personal computers said that J. Edward Coleman would assume his new role on Sept. 18. Coleman most recently served as president of Arrow Enterprise Computing Solutions, a unit of
. Coleman replaces Rick Snyder, who served as interim CEO since February. Shares were trading up 10 cents to $1.96.
Other technology movers included
, up 3 cents to $2.28;
, down 2 cents to $15.99;
, up 16 cents to $19.38;
, up 3 cents to $72.83;
, up 21 cents to $25.64;
, up 12 cents to $21.66;
Sirius Satellite Radio
, down 3 cents to $4;
, down 60 cents to $25.83; and
, unchanged at $2.11.