Updated from 12:15 p.m. EDT
Tech stocks traded actively Friday but most of the action was to the downside.
slid 7.4% after the software company said that it would acquire Tegic Communications from
for about $265 million. "The transaction expands Nuance's presence in the mobile industry and allows it to further accelerate the delivery of solutions that unlock the power of mobile devices and networks," Nuance said. Nuance added that it expects Tegic to contribute about $65 million to $68 million in revenue during fiscal 2008 and contribute adjusted earnings of 4 cents to 5 cents a share.
The deal is expected to close during Nuance's fiscal fourth quarter. After the acquisition announcement, Friedman Billings promptly downgraded shares to market perform. The broker said the deal appears risky. Shares of Nuance closed down $1.33 to $16.65.
traded actively after the company, which makes testing and measurement equipment for computer and chip companies, posted better-than-expected fiscal fourth-quarter earnings and issued in-line first-quarter guidance. The company posted an adjusted profit of $35.6 million, or 45 cents a share, on revenue of $298.5 million. Analysts expected earnings of 42 cents a share on revenue of $294.7 million.
Looking ahead, Tektronic sees first-quarter adjusted earnings of 36 cents to 40 cents a share on revenue of $280 million to $290 million. Analysts project earnings of 38 cents a share on revenue of $282.6 million. Shares closed down 68 cents, or 2%, to $33.18.
fell 1.3% after the software company posted in-line first-quarter earnings but warned that second-quarter results would be lower than expected. The company posted adjusted earnings of $29.2 million, or 32 cents a share, on revenue of $236.7 million. Analysts expected earnings of 32 cents a share on revenue of $237.3 million.
Looking ahead, Cognos sees second-quarter adjusted earnings of 34 cents to 39 cents a share on revenue of $245 million to $255 million. Analysts project earnings of 41 cents a share on revenue of $251.2 million. Shares closed down 52 cents to $39.10.
As for the broader technology sector, the Nasdaq 100 was down about 19 points to about 1922.
On the flip side,
jumped 9.1% after the electronics services provider posted better-than-expected third-quarter earnings. The company posted adjusted earnings of $47.4 million, or 23 cents a share, on revenue of $3 billion. Analysts polled by Thomson Financial expected earnings of 21 cents a share on revenue of $2.95 billion.
For the fourth quarter, the company projects adjusted earnings of 25 cents to 31 cents a share on revenue of $3 billion. Analysts project earnings of 30 cents a share on revenue of $2.96 billion. Shares closed up $1.93to $23.13.