Tech Winners & Losers: Seagate

Shares get ripped after a profit forecast shortfall.
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Tech stocks traded higher with the major market indices, but disk-drive maker

Seagate

(STX) - Get Report

was one of the exceptions -- the stock plunged following the company's weak outlook for the current quarter.

Seagate was down $2.81, or 16.2%, to $14.49 after it said first-quarter net income would

fall short

of current Street estimates. In the fourth quarter, Seagate's net income fell 70% to $160 million. Excluding special items EPS was 44 cents, two cents ahead of analysts' estimates Revenue grew 5.6% to $2.9 billion. Analysts were expecting a top line of $2.89 billion.

Seagate's weak results also took a tool on its rival

Western Digital's

(WDC) - Get Report

stock. Shares of Western Digital were down $1.61, or 4.7%, to $32.27.

Chipmaker

Intel

(INTC) - Get Report

gained 28 cents, or 1.3%, to $20.99 after the company

beat Street's sales expectations

in the second quarter and allayed concerns that global demand for PCs is stalling. Intel reported sales of $9.5 billion during the quarter, up from $8.7 billion a year ago and ahead of the average analyst expectation of $9.31 billion. Net income was $1.6 billion, or 28 cents a share, vs. $1.3 billion, or 22 cents a share in the year-ago period. Analysts were expecting EPS of 25 cents.

Shares of Intel rival

AMD

(AMD) - Get Report

were up 19 cents, or 4%, to $4.91. AMD will report its earnings Thursday.

Sun Microsystems

(JAVA)

added 23 cents, or 2.6%, to $9.03 after it forecast fourth-quarter results

above Street expectations

. Excluding charges, Sun expects to report EPS ranging from 25 cents to 35 cents and revenue in the range of $3.72 billion to $3.8 billion. Analysts are expecting earnings of 20 cents a share on revenue of $3.21 billion.

Video-game publisher

THQ

(THQI)

rose 82 cents, or 4.8%, to $18.63 after the company offered an upbeat presentation at its analyst day Tuesday. THQ said that about 50% of its revenue now comes outside North America, and it is partnering with Chinese gaming company

Shanda Interactive

(SNDA)

to bring some of its titles to the Asian market. THQ also offered a peek into its lineup for fiscal 2009 and it expects to see an increase in revenue from its internally developed titles.