Updated from 1:21 p.m. EDT
were among the worst-performing technology stocks Monday after the company announced the termination of its supply agreement with
The maker of high-definition televisions said that Sears notified the company on Sept. 16 that it had terminated the agreement for Brillian to supply it with 65-inch 720p HDTVs. Brillian didn't say why Sears ended the arrangement, though it did say that "due to the delay in our manufacturing ramp, we were forced to reduce allocations to our audio/video distribution channel." Less than two weeks ago, Brillian slashed its sales and earnings projections because of production disruptions. Shares of Brillian traded down $2.65, or 37.9%, to $4.35.
fell after it warned that third-quarter and full-year results won't meet expectations. The wireless gearmaker now expects third-quarter earnings of 2 cents to 4 cents a share on sales of $590 million to $600 million. Analysts polled by Thomson First Call were expecting earnings of 34 cents a share on sales of $699.2 million. Looking ahead, the company now expects 2004 earnings of 80 cents to 85 cents a share on sales of $2.75 billion. Analysts had been expecting earnings of $1.64 a share on sales of $2.96 billion. UTStarcom attributed the earnings shortfall to a shift in the timing of sales it would recognize from a $290 million contract with
. Shares of UTStarcom traded down $1.50, or 9.9%, to $13.71.
rose after the company raised its sales forecast for the second half of 2004. The company expects third-quarter sales of $6.2 million to $6.5 million. For the fourth quarter, it expects sales to exceed its previous forecast of $7 million. Shares traded up 74 cents, or 38.1%, to $2.68.
fell after it warned that third-quarter sales would come in below analysts' expectations. The broadband solutions company now expects sales to come in below its previous forecast of $2.8 million to $3 million. The company also said that full-year sales would be "significantly lower" than its previous guidance of $12 million to $14 million. Vyyo said that limited visibility in the Chinese broadband wireless market led to the revision. Shares traded down 67 cents, or 11%, to $5.44.
traded actively after the company warned that third-quarter sales would fall below its previous forecast. The chipmaker now expects third-quarter sales of $71 million to $73 million, below its previous forecast of $86 million to $92 million. Analysts had been expecting sales of $89.2 million. PMC-Sierra said the sales cut was due to lower end-market demand caused by improved availability of semiconductor components. Despite the sales revision, shares traded up 39 cents, or 4.1%, to $9.86.
Other technology volume leaders included
, up 33 cents to $20.92;
, up 14 cents to $19.30;
, unchanged at $27.51;
, down 11 cents to $11.40;
Sirius Satellite Radio
, down 8 cents to $2.78;
, up 69 cents to $17.59;
, up 8 cents to $3.49; and
, up 2 cents to $3.29.