Tech stocks were down Wednesday along with the major market indices as analysts cut their ratings on a number of the sector's big names.
was down 37 cents, or 1.5%, to $24.26 even as CEO Jerry Yang said in an interview with the
Wall Street Journal
that he believes he can bring stability back to Yahoo. Yang also accused
of trying to destabilize Yahoo and having no "real desire" to complete a deal. Microsoft had offered $31 a share for Yahoo, which was rejected by latter as being too low.
gained $1.28, or 9.2%, to $15.24 after it raised its guidance for the first quarter. The storage networking company said it sees EPS in the range of 30 cents to 31 cents, compared with analysts' estimates of 27 cents. The company had earlier offered EPS guidance 26 cents to 28 cents. Revenue is now expected to be in the range of $166 million to $168 million, compared with consensus estimates of $156.4 million and beating prior guidance of $154 million to $158 million.
gained 80 cents, or 2.5%, after an analyst at Robert W. Baird upgraded the stock to outperform from neutral and stuck to his price target of $42 a share. The analyst, Steven Ashley, said the recent sell-off in the stock stemming from the exit of the company CEO William Roper has created a buying opportunity.
lost $1.09, or 4.8%, to $21.79 after three Wall Street analysts at RBC Capital, JP Morgan and UBS Securities, seemed less bullish on owning the stock in the near term.
An analyst at RBC Capital cut his price target on the stock to $27 from $29. The tech spending environment, which was expected to improve in the second half of the year, is likely to recover in the first half of 2009, said the analyst Mark Sue. Considering the extended horizon and the "lack of urgency" to own shares this year, Sue cut his price target on the stock.
E-commerce outsourcing company
shed $2.07, or 5.3%, to $36.90 after an analyst at Goldman Sachs cut his rating on the stock to sell.
shed $1.43, or 5.1%, to $26.77 after a
analyst downgraded the stock to sell. The combination of a weakening macro environment, weak demand and a "tight lending environment" is likely to slow small business spending, which could affect Intuit, said the analyst.
About 40% of Intuit's revenue in fiscal 2009 is likely to come from small businesses. The analyst also added Intuit to Goldman Sachs' conviction sell list and cut his price target on the stock to $25 from $31.