Nokia

(NOK) - Get Report

on Friday posted a sharp decline in third-quarter income because of weak handset demand, but the company forecast a sequential increase in the bottom line for the next quarter.

The handset maker's third-quarter earnings came in at 0.16 euros. Analysts were calling for income of 0.15 euros. Sales fell 7% to 7.05 billion euros.

Nokia said it expects to bring in fourth-quarter earnings of 0.18 to 0.20 euros, down from 0.25 euros a year ago.

Earnings Reports & Warnings

Visteon

(VC) - Get Report

posted a third-quarter loss of $74 million, or 57 cents a share, excluding items. The company earned $48 million, or 37 cents a share, in the same period last year. Analysts expected the company to lose 49 cents.

Legg Mason

(LM) - Get Report

reported earnings of $34.9 million, or 51 cents a share, before items. Wall Street was looking for income of 53 cents.

Mergers, Acquisitions & Joint Ventures

Tyco International

(TYC)

is raising theprice it will pay to buy back the minority stake of fiber-optic cable company

TyCom

( TCM), which Tyco spun off last year. Tyco agreed topay 0.3133 of a share for each TyCom share. The company previously offered 0.2997 of a share.The new deal values TyCom at $15.42 a share, upfrom a previous value of $14.

After Thursday's Close

Microsoft

(MSFT) - Get Report

posted quarterly earnings that exceeded expectations by 4 cents a share. The company earned 43 cents a share before a charge for soured telecom investments on $5.8 billion in total revenue. Microsoft guided expectations for its next quarter down, saying it would earn between 49 cents and 50 cents a share. Analysts were expecting earnings of 51 cents.

Sun Microsystems

(SUNW) - Get Report

, excluding one-time items, lost $158 million, or 5 cents a share, in the latest quarter, in line with the company's recent warning. The company earned $510 million, or 15 cents a share, in the year-ago quarter. Sales dropped 43% to $2.86 billion from $5 billion.

PeopleSoft

(PSFT)

reported income of $50.3 million, or 16 cents a share, on revenue of $509 million for the latest quarter. Analysts were looking for earnings of 12 cents.

eBay

(EBAY) - Get Report

topped analysts' third-quarter earnings projections and raised its fourth-quarter revenue guidance by about $5 million.

Nortel

( NT) and

Corning

(GLW) - Get Report

reported steep

third-quarter losses and indicated they don't see business recovering any time soon. A third networker, optical outfit

Sycamore

(SCMR)

, slashed its workforce by a quarter and forecast a sharp first-quarter earnings and revenue shortfall.