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Thursday's Tech Winners & Losers

Novellus moves higher after raising its earnings projections.

Shares of


(FNSR) - Get Finisar Corporation Report

were among technology's losers Thursday, plummeting 24% even though the network-equipment maker posted in-line fourth-quarter earnings.

The company earned $1.7 million, or 1 cent a share, on revenue of $102.4 million. Excluding items, the company earned $9 million, or 3 cents a share, in the quarter ended April 30. Analysts polled by Thomson First Call expected earnings of 3 cents a share on revenue of $99.6 million. A year earlier, Finisar posted a loss of $37.8 million, or 15 cents a share, on revenue of $74.9 million. Excluding items, the year-earlier loss was $12.5 million, or 5 cents a share. Shares, which had more than doubled since the beginning of the year, were recently down $1.09 to $3.38.



shares rose 5% after the semiconductor-equipment manufacturer boosted its second-quarter guidance during a mid-quarter conference call. The company now sees earnings of 37 cents to 40 cents a share, with revenue of $400 million to $410 million. Previously, the company forecast earnings of 26 cents to 28 cents a share and revenue of $370 million to $380 million. Analysts, on average, project earnings of 28 cents a share and revenue of $378.4 million. Novellus also raised its gross margin projection to 49% from an earlier view of 48%. Shares were trading up $1.19 to $23.64.

Shares of

Comtech Telecommunications

(CMTL) - Get Comtech Telecommunications Corp. Report

rose 7% after the telecom-equipment maker posted better-than-expected fiscal third-quarter results. For the period ended April 30, the company earned $8.7 million, or 33 cents a share, on revenue of $89 million. Analysts expected earnings of 29 cents a share on revenue of $85.2 million. During the year-earlier quarter, the company earned $8.4 million, or 32 cents a share, on revenue of $75.4 million.

Comtech said that current signs point to fiscal 2007 being a record year, though it said it is "premature" to give specific earnings and revenue guidance. Shares were trading up $2.05 to $33.13.

International Rectifier


rose 2% after the chipmaker withdrew a $650 million convertible subordinated notes offering, citing adverse market conditions. The company, which first announced the offering on Monday, had planned to use the proceeds to fund general corporate purposes and finance convertible-note hedge transactions, which were aimed at reducing the potential dilution of note conversions. Shares were trading up 74 cents to $40.91.

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TheStreet Recommends

Shares of

Brooks Automation

(BRKS) - Get Brooks Automation, Inc. Report

fell 3% after the semiconductor-equipment manufacturer backed its third-quarter earnings and revenue projections. The company continues to see earnings of 14 cents to 20 cents a share, including 9 cents a share in charges and other one-time items, for the quarter ending June 30. Brooks anticipates revenue of $170 million to $180 million. Analysts project earnings of 26 cents a share, which excludes the charges and one-time items, and revenue of $177.3 million. Brooks also continues to project bookings of $185 million to $193 million. Shares were trading down 35 cents to $11.57.

Other technology movers included

Level 3 Communications


, down 10 cents to $4.45;



, down 27 cents to $2.64;


(INTC) - Get Intel Corporation Report

, down 29 cents to $17.10;


(MSFT) - Get Microsoft Corporation Report

, down 1 cent to $22.03;

Cisco Systems

(CSCO) - Get Cisco Systems Inc. Report

, down 34 cents to $19.57;


(ORCL) - Get Oracle Corporation Report

, down 21 cents to $13.33;

Lucent Technologies

(LU) - Get Lufax Holding Ltd American Depositary Shares two of which representing one Report

, down 8 cents to $2.40;

Apple Computer

(AAPL) - Get Apple Inc. Report

, up 20 cents to $58.76;

Sun Microsystems

(SUNW) - Get Sunworks Inc. Report

, down 9 cents to $4.22; and

Sirius Satellite Radio

(SIRI) - Get Sirius XM Holdings Inc. Report

, unchanged at $4.26.