( PTEC) were among technology's losers Thursday, plunging 31% after the software company slashed its third-quarter revenue guidance.
For the period ending June 30, the company now anticipates revenue of $10 million to $12 million, well below its previous guidance of $24.5 million to $26.5 million. Analysts polled by Thomson First Call project revenue of $24.6 million. The company attributed the dour outlook to a host of issues, including slower-than-expected core system software sales, which was related to
delayed launch of Vista. The company also said that product issues hurt its third-quarter results. For the full year, the company sees revenue of $68 million to $70 million, well below the $94 million that analysts project.
Phoenix also said it is undergoing a restructuring, which is expected reduce expenses to $19.5 million to $20 million during the fourth quarter. Third-quarter expenses, meanwhile, are expected to be $22.5 million, flat compared to second-quarter expenses. Shares were trading down $1.81 to $4.02.
( NOVL) jumped 12% after the software company ousted its chief executive and chief financial officer. "The board concluded that a management change would be the best way to accelerate the execution of our growth strategy and build value for shareholders," Novell said. The removal of CEO Jack Messman and Chief Financial Officer Joseph Tibbetts from their duties is effective immediately. Ronald Hovsepian will replace Messman on a permanent basis, while Dana Russell, the company's vice president of finance and corporate controller, will serve as interim CFO. Novell shares recently were up 71 cents to $6.71.
jumped 12% after the Israeli communications outfit lifted its second-quarter guidance. The company now sees adjusted earnings of 25 cents to 30 cents a share, up from an earlier view of 22 cents to 24 cents a share. The company raised its revenue projection to $94 million to $98 million, above its previous forecast of $89 million to $92 million. Analysts project earnings of 23 cents a share on revenue of $90.5 million. "We are seeing stronger than originally anticipated market demand for our enterprise interaction and public safety and security solutions," Nice Systems said. The company plans to issue second-quarter results on Aug. 2. Shares were up $2.91 to $26.74.
( PCNTF) jumped 17% after MediaRing offered to buy the voice-over-Internet-protocol services company for $9.50 a share, a 15% increase from its earlier offer of $8.25 a share. "We are taking this step to demonstrate our commitment to our offer for PacNet," said MediaRing, an Asian VoIP provider, in a press release. "Given PacNet's share price performance in recent months and market uncertainty going forward, we believe our revised cash offer represents very good value for PacNet's shareholders." Pacific Internet previously rejected MediaRing's $8.25-a-share bid, calling the deal "inadequate and not in the best interests of the shareholders." MediaRing said its $9.50 a share offer is final. Pacific Internet shares were trading up $1.38 to $9.33.
( TKLC) rose 4% after the telecom-equipment company announced a restructuring plan that is projected to result in annual savings of about $8 million to $8.5 million. The restructuring plan will result in the loss of some 60 jobs, with the majority of the cuts taking place in the company's Switching Solutions Group, which is based in Plano, Texas. Tekelec expects to record a restructuring charge of about $3.4 million during the second quarter. "The action is principally the result of the company realigning its cost structure to better match its business opportunities and to complete the integration of past acquisitions," Tekelec said. Shares were trading at $12.22, up 52 cents.
Other technology movers included
, down 18 cents to $22.90;
, down 31 cents to $19.76;
, down 3 cents to $2.60;
, down 6 cents to $14.47;
, down 8 cents to $18.32;
, up 79 cents to $58.65;
, down $2.16 to $42.04;
Sirius Satellite Radio
, unchanged at $4.21; and
, down 7 cents to $4.25.