Tech stocks gained ground on Wednesday, recovering from a morning slide after the Federal Reserve
by 50 basis points to 1%.
The Nasdaq edged up 3 points, or 0.2%, to 1653 in recent trading.
tumbled 7.5% to $2.41 after offering a
for the rest of the year.
The company reported third-quarter earnings Wednesday morning, posting a 93% drop in profit from a year ago. It attributed a large part of the decline to a reversal of the valuation allowance against deferred tax assets in 2007. It now expects full-year results to come in at the low end of its guidance.
shares were up 2.9% to $22.05 after
. But the company also lowered guidance for full-year profit and revenue, falling short of Wall Street expectations.
The Cayman Islands-based digital navigation device maker chopped its profit guidance to $3.78 a share from $3.86 a share, which excludes a gain related to the tender of Tele Atlas shares. It also cuts its revenue target to $3.6 billion, from the previous forecast of $3.9 billion. Analysts had expected Garmin to post a full-year profit of $3.89 a share on revenue of $3.8 billion.
slipped 7.4% to $10.57 after
and warning that sales would fall short in the fourth quarter.
Corning expects non-GAAP fourth-quarter earnings in a range of 20 cents to 28 cents a share on sales between $1.2 billion and $1.3 billion. That was below Wall Street's expected earnings of 42 cents a share on revenue of $1.54 billion.
shares dropped 4.8% to $16.14 after
for third-quarter revenue.
Revenue increased 10% to $8.54 billion in the quarter compared to a year ago. That was below the Street's average target of $8.59 billion.
RF Micro Devices
were climbing 4.2% to $1.98 after it
for the second quarter. The chipmaker also offered a forecast that was somewhat more hopeful than its competitors.
shares sank 3.7% to $21.17 after reporting a
. The company said it was hurt by the appreciation of the yen against the U.S. dollar, despite higher sales of products like LCD televisions and personal computers.
saw a sharp drop in its shares after the company cut its forecast for next year.
The company now expects revenue to rise 22% to 23% from 2008, with non-GAAP operating margins of 10%-12%. That's down from its previous guidance for a 25% to 30% growth in revenue with operating margins of 15% to 18%.
Ultimate Software was down 16.5% to $12.97.