Updated from 1:19 p.m.
were among the worst-performing technology stocks Thursday after the company said its first-quarter earnings and sales would fall short of expectations.
Excluding items, the software maker expects to break even or post a profit of 1 cent a share on sales of $82 million. Analysts polled by Thomson First Call were expecting earnings of 3 cents a share on sales of $92.3 million. Lawson said that lower business activity, longer buying cycles, and contract deferrals led to the earnings and sales revision. Shares of Lawson Software traded down 77 cents, or 12.6%, to $5.36.
fell after the company said its 2004 revenue growth would trail the growth rate in the overall communications equipment market. It had previously expected to exceed the industry's growth rate. Shares of Nortel traded down 30 cents, or 7.9%, to $3.50.
rose after the company said that its first-quarter sales could top expectations. The hard drive maker said that it expects to post sales of $765 million to $790 million during the first quarter, which compares to forecasts of $772.9 million. While distribution-channel sellthrough was slower than expected in July and August, Western Digital said it picked up in September and continues to improve. Shares of Western Digital traded up 30 cents, or 3.6%, to $8.65.
rose after it posted third-quarter earnings that were better than expected. Excluding items, the software company posted a third-quarter profit of 25 cents a share on sales of $89.3 million. Analysts were expecting earnings of 23 cents a share on sales of $89.7 million. Looking ahead, Progress Software expects earnings of 29 cents to 30 cents a share on sales of $93 million to $95 million. Analysts had been expecting earnings of 28 cents a share on sales of $96.4 million. Shares traded up 11 cents, or 0.6%, to $20.26.
rose after the company increased its earnings and sales guidance for 2004. Excluding items, the telecommunications company now expects to post a full-year profit of 26 cents to 29 cents a share on sales of between $74 million and $76 million. Analysts were expecting earnings of 25 cents a share on sales of $72.3 million. The company cited increased sales opportunities for its homeland security and international security products. Shares of EFJ traded up 67 cents, or 11%, to $6.78.
Other technology volume leaders included
, down 10 cents to $11.23;
, down 31 cents to $20.11;
Sirius Satellite Radio
, up 8 cents to $2.97;
, up 3 cents to $19.59; and
, up 7 cents to $27.26; and
, down 4 cents to $3.28.