Tech stocks were in the red Tuesday following a slew of weak earnings reports from companies such as
Apple shed $11.01, or 6.6%, to $155.21 on what many investors saw
for the fourth quarter. Apple said it expects revenue of $7.8 billion and earnings of $1 a share. Analysts were expecting revenue of $8.32 billion and earnings of $1.24 a share. Apple also did little to squelch speculation around CEO Steve Job's health calling it a "private matter."
Storage company SanDisk lost $4.31, or 24%, to $13.62 after it
swung to a loss
in the second quarter. SanDisk also said it will delay investments in new chip factories to combat the excessive supply of flash chips in the market that has led to significant pressure on pricing. Analysts at Citigroup and Needham downgraded the stock.
SanDisk's results also took a toll on rival
shares. Micron's stock was off 44 cents, or 7.7%, to $5.22. An analyst at Citigroup also downgraded the stock to hold from buy.
Texas Instruments fell $4.55, or 16%, to $23.97 after it reported second-quarter results at the
. TI said it experienced lower-than-expected demand due to a weaker economic environment and changes in the way customers have been ordering products forcing TI to deliver within shorter timeframes
Storage area equipment and data center networking company
fell $1.58, or 19%, to $6.75 after the company said it will pay $2.9 billion to buy switching and routing products company
.. The deal is an attempt to better compete against rival
Shares of Foundry Networks surged $4.36, or 31.9%, to $18.02.
shed $4.16, or 14%, to $25.57 after it said full-year sales will be at the low end of its guidance. Vodafone expects revenue to now be at the lower end of its $79.7 billion-to-$81.5 billion range.
gained 96 cents, or 6.3%, to $16.17 after it reported a profit of $5.3 million, or 21 cents a share in the second quarter, compared with loss of $2.5 million, or 10 cents a share the year before. Excluding charges, EPS was 25 cents a share. For the third quarter, the company expects earnings of 22 cents to 26 cents a share on revenue of $29 million to $31 million.
Storage networking company
gained $1.13, or 6.9%, to $17.61 after it reported first-quarter profit higher than Street expectations. Net income for the quarter rose to $31.6 million, or 24 cents a share, vs. $19 million, or 12 cents a share, a year ago. Excluding items, EPS was 31 cents a share. Revenue grew 20% to $168.4 million. Analysts were expecting earnings of 29 cents a share on revenue of $161.9 million.