Tech stocks were down Friday following weak earnings reports from companies such as
( JAVA) and
stock rose $1.01, or 3.7%, to $27.82 on
might raise its $31-a-share offer for the company. Yahoo! is also reportedly signing a deal with
to outsource its search to Google in return for a share in the revenue.
Research In Motion
( RIMM) was up $3.98, or 3.1%, to $131.98 following positive research notes from analysts at Citigroup and Canaccord Adams. Jim Suva, an analyst at Citigroup, said the stock makes for a buy ahead of the company's analyst meeting on May 12. Peter Misek, an analyst at Canaccord Adams reiterated his buy recommendation on the stock and increased his target price by $10 to $190. RIM's product upgrade cycle is expected to remain strong in the coming quarters. the launch of the company's first 3G device later this year should re-accelerate its growth, said the analyst in a note.
gained $2.94, or 14.8%, to $22.78 after it beat anlaysts' expectations for the first quarter and raised its outlook for the current year. An analyst at Oppenheimer upgraded the stock to outperform from perform following the results. Net income for the quarter rose to $2.5 million from $1.5 million a year ago. EPS, excluding items, was 18 cents. Revenue rose 41% to $26.4 million. Analysts had been expecting earnings of 10 cents a share on revenue of $26.1 million.
Sun Microsystems lost $3.66, or 22.4%, to $12.66 after it
reported a loss
in its third quarter because of declining sales stemming from the slowdown in the U.S. economy. Revenue declined 0.5% to $3.26 billion in the quarter, below the average analyst expectation of $3.37 billion. Sun posted a loss of $34 million, or 4 cents a share, which included 4-cent-a-share charge related to its acquisition of MySQL. An analyst at Bear Stearns downgraded the stock to peer perform from outperform.
Shares of IT security company
fell $1.47, or 7.2%, to $18.84 following the company's
. Websense lost $6.2 million, or 14 cents a share, compared with a profit of $3.8 million, or 9 cents a share, a year ago. Excluding acquisition-related charges, net income for the quarter was $17.6 million, or 35 cents a share. Analysts were expecting 30 cents a share. Revenue rose to $86.5 million from $49.7 million a year ago and was slightly ahead of analysts' estimates of $84.8 million.
Business software maker
shed $3.61, or 16.2% to $18.70 after it
narrowed its first-quarter loss
and boosted full-year revenue guidance. But analysts still saw the company's outlook as weak. The company cut its loss to $2 million from a loss of $9.3 million, the year before. Revenue rose 47% to $34.1 million. Excluding special items, NetSuite lost a penny a share. Analysts were expecting a top line of $33.7 million and a loss of 2 cents a share.
Nortel fell 21 cents, or 2.4%, to $8.49 after it
posted a first-quarter loss
that was wider than the year before. Nortel reported a loss of $138 million compared with $103 million a year ago. Sales rose 11.3% in the quarter to $2.76 billion and were better than analysts' expectations of $2.49 billion.