Tech stocks traded higher with the major market indices, but disk-drive maker
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
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
stock. Shares of Western Digital were down $1.61, or 4.7%, to $32.27.
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
were up 19 cents, or 4%, to $4.91. AMD will report its earnings Thursday.
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.
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
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.