Updated from 2:17 p.m. EDT
Tech companies moved slightly lower Friday as investors in the sector digested their gains in the wake of the prior session's rally.
( MVSN) tumbled 12% after the software company slashed its second-quarter guidance. The company now sees adjusted earnings of 19 cents to 22 cents a share on revenue of $57 million to $59 million.
Previously, the company forecast adjusted earnings of 24 cents to 27 cents a share on revenue of $65 million to $68 million. Analysts polled by Thomson Financial had estimated earnings of 27 cents on revenue of $67.2 million. Shares closed down $3.56 to $26.22.
fell 5.6% after the semiconductor-equipment maker cut its fourth-quarter guidance. The company now sees a loss of 5 cents to 8 cents a share on revenue of $13 million to $14 million.
Originally, the company said that it would earn 8 cents to 13 cents a share on revenue of $20 million to $24 million. Analysts were looking for a profit of 11 cents and revenue of $22.9 million.
"The lower revenue level resulted primarily from lower-than-expected equipment orders from the company's key customers in the NAND flash semiconductor market," Nextest said. Shares closed down 75 cents to $12.55.
rose 2.8% after Jefferies upgraded the stock to buy from hold. The broker also boosted its price target to $39 from $27. The firm's 2008 earnings forecast now stands at $1.39 a share, up from its earlier view of $1.35 a share.
Separately, VeriSign announced that it would record an additional noncash stock-option expense of $160.3 million. The expense is related to its historical stock-option grant practices. Additionally, the company said that its chief financial officer, Dana Evan, resigned on July 10. Bert Clement has been elected to replace Evan. Shares closed up 92 cents to $33.91.
( SMTL) traded actively after the maker of chip-manufacturing tools cut its third-quarter guidance. The company now sees a loss of 1 cent to 3 cents a share on revenue of $45 million to $46 million. Earlier, it expected to post earnings of break-even to 2 cents a share with revenue of $50 million to $53 million.
Analysts project earnings of a penny a share on revenue of $52.7 million. "The revenue shortfall was caused by customer acceptance delays on two tools that had been anticipated to occur during the third quarter," the company said. Shares were falling earlier in the day but closed up 2 cents at $9.51.
( TUNE) slid 3.4% after the chipmaker said that a
Securities and Exchange Commission
investigation has been elevated to "formal." The SEC is looking into the company's historical stock-option practices. The company said that it would fully cooperate with the commission's investigation. Shares closed down 19 cents to $5.38.
As for the broader technology sector, the Nasdaq 100 was up about 11 points to 2032.16.