Tech Winners & Losers: Deutsche Telekom - TheStreet

Tech Winners & Losers: Deutsche Telekom

The German telecom giant's stock is up after reporting a jump in first-quarter profits.
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Tech stocks were up modestly Thursday along with the major market indices as investors digested the latest earnings reports along with

a pullback

in oil prices.

Shares of

Deutsche Telekom

(DT) - Get Report

, the parent company of T-Mobile were up 50 cents, or 2.8%, to $18.09 after the company

reported

first-quarter earnings higher from a year ago though revenue declined.

Adjusted for special items, the company earned a profit of 750 million euros ($1.2 billion) during the quarter, compared with 563 million euros ($867.1 million) the year before. Revenue fell 3.1% to $14.98 billion euros ($23.1 billion). The number of its mobile phone customers rose 9.5% from a year ago to 123.1 million.

Handset maker

Palm

(PALM)

gained 37 cents, or 6.6%, to $6 following a presentation by the company's Chief Financial Officer Andrew Brown to investors at the Merrill Lynch Technology 2008 conference.

Brown said the company's Centro phone introduced about eight months ago is bringing a new demographic of customers and its performance is meeting the company's expectations. He said Palm also plans to refresh its Windows Mobile based phones this summer. And he said the company has a new platform coming out later this year and will deliver the first products based on that platform in 2009.

Shares of

Google

(GOOG) - Get Report

were up $6.50, or 1.1%, to $585 ahead of the company's annual shareholder meeting.

Google's stock has jumped 25% over the last four weeks. Google has also reportedly been considering teaming up with

Yahoo

(YHOO)

if the latter chooses to outsource its search advertising though that deal is likely to face intense scrutiny from regulators.

Chip maker

Marvell

(MRVL) - Get Report

was up 21 cents, or 1.6%, to $13.39. The company said it will pay $10 million to settle with the U.S. Securities & Exchange Commission regarding its investigation into Marvell's historic stock option grant practices.

Clearwire

(CLWR)

plunged $1.49, or 9.1%, to $14.74 after Michael Rollins, an analyst at Citigroup, downgraded the stock to sell from hold, saying the stock trades at a "substantial" premium to his fair value estimate of $13 a share. Clearwire said Wednesday it will combine with Sprint Nextel to form a $14.5 billion wireless broadband company.

The downgrade also took its toll on

Sprint Nextel

(S) - Get Report

, whose shares were down 34 cents, or 3.7%, to $8.82. Deutsche Telecom, which reported its results earlier in the day, did not address speculation of a possible buyout of Sprint Nextel, which likely affected investor sentiment.

Online travel site

Orbitz

(OWW)

shed 78 cents, or 10%, to $7.03 after the company

reported a loss

in its first quarter as domestic travel bookings declined. Gross domestic bookings fell about 6% in the quarter to $2.4 billion. An analyst at Piper Jaffray downgraded the stock to neutral to buy following the results.