Trading was mixed in tech stocks Tuesday with video-games publisher
emerging as one of the biggest gainers after it said it expects first-quarter results to exceed earlier guidance.
gained $2.02, or 6.1%, to $34.96 after the company
boosted its profit forecast
for the first quarter.
Revenue for the quarter is expected to be about $650 million, compared with $495.5 million a year ago, and above analysts' expectations of $ 516.1 million. Activision's earlier outlook had pegged revenue at $500 million.
Excluding charges, Activision Blizzard said EPS is likely to be in the range of 21 cents to 23 cents, compared with 11 cents the year before, and higher than analysts' expectations of 14 cents. Activision's earlier EPS outlook, excluding charges, was for 13 cents.
was up $1.46, or 3.6%, to $41.73. Microsoft announced a $50 price cut to its Xbox 360 game console Monday at the E3 Media & Business Summit in Los Angeles.
continued to lose ground as the company traded words over its failed acquisition deal with
. Yahoo General Counsel Michael Callahan said
Tuesday to a congressional committee that Microsoft is teaming up with activist investor Carl Icahn to force a "fire sale" of Yahoo. Microsoft had offered Yahoo $31 a share but the latter rejected it as being too low. Yahoo's stock was off 84 cents, or 3.8%, to $21.72.
At the same congressional hearing, Microsoft general counsel Brad Smith accused Yahoo!
to turn online search into a duopoly. Microsoft reports its results after market close Thursday. Microsoft shares were up $1.01, or 4%, to $26.15, in early trading.
Communications and networking products maker
was up 53 cents, or 2.1%, to $25.30 after the company beat the Street's expectations for the second quarter. Adtran reported $22.4 million in net profit, or 34 cents a share, up from $19.8 million, or 28 cents a share, in the year-ago quarter. Sales increased 6% from last year to $131.1 million. Analysts were expecting earnings of 30 cents a share $127.9 million in revenue.
was down 2 cents, or 0.4%, to $4.80, a day ahead of its earnings report. Analysts expect AMD to report a loss of 52 cents a share in the second quarter on revenue of $1.45 billion, compared with a loss of 95 cents a share on revenue of $1.37 billion, a year ago. AMD's rival
reports its results after market close Tuesday.