Tech Winners & Losers: Nuance Communications

The stock is sharply higher today after it raised its fourth-quarter revenue and earnings projections.
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Tech stocks remained jittery on Wednesday along with the rest of the market as investors anxiously waited to see whether the Senate approves a revised $700 billion federal bailout package.

The Nasdaq was down 25 points, or 1.2%, to 2066.

Nuance Commucations

(NUAN) - Get Report

saw its shares soar 13.5% to $13.83 after the company raised its fourth-quarter projections.

The company now sees its revenue ranging between $258 million and $262 million vs. its previous estimate of $255 million to $262 million. Analysts were expecting $259 million, according to Thomson Reuters.

Nuance expects to report a 1 cent to 2 cent loss a share in the fourth quarter, an improvement from its earlier projected loss of 2 cents to 3 cents a share.

GameStop

(GME) - Get Report

shares were up 4% to $35.58 after the company agreed to buy Micromania, a video game retailer in France, for $700 million in cash from a private equity fund.

Shares of

Hewlett-Packard

(HPQ) - Get Report

tumbled 2.1% to $45.28 after the computer maker said it would acquire LeftHand Networks, a privately held maker of storage virtualization products, for $360 million.

Shares of

Informatica

(INFA)

climbed 2.7% to $13.34 after Roth Capital upgraded the stock to a buy from a hold.

Micron

(MU) - Get Report

was up 11.5% to $4.51 in anticipation of its fourth-quarter earnings after the closing bell. Analysts expect the company to post a loss of 24 cents a share on sales of $1.54 billion.

Shares of

Alcatel-Lucent

(ALU)

were up 4.4% to $4.01 after Goldman Sachs raised its rating to conviction buy from neutral, noting that the shares are trading 30% below their trough valuations.

The firm lowered its rating on

Ericsson

(ERIC) - Get Report

to sell from hold, sending shares down 5.5% to $8.91. Goldman expects declines in emerging market capital expenditure and potentially big losses for its mobile handset venture, SonyEricsson.