were among technology's losers Thursday, slumping 21% after the online media company said a carrier partner plans to develop a direct relationship with major record labels.
Such a deal would sidestep InfoSpace, which sells ringtones to cell phone companies. During the first six months of 2006, InfoSpace recorded revenue of $186.1 million, of which some $55 million consisted of label tone sales. "While we are disappointed in this decision and we will realign costs to reflect the revenue reduction, we maintain a strong presence in mobile infrastructure and search services," InfoSpace said. Shares were trading down $4.71 to $17.90.
vaulted 45% on their first day of trading. Riverbed's initial public offering of 8.7 million shares priced at $9.75 a share, above the target of $7 to $8.50 a share. Shares of the computer networking company recently were trading at $14.31, up $4.56.
( YAKC) soared 31% after the telecom-services concern agreed to be acquired by Globalive Communications for $5.25 a share in cash. The price represents a 35% premium to Yak's Wednesday closing price of $3.90. The deal is expected to close during the fourth quarter. Shares were trading up $1.21 to $5.11.
rose 7% after the online travel services company boosted its third-quarter earnings guidance. The company now sees earnings of 33 cents to 37 cents a share, up from an earlier forecast of 29 cents to 34 cents a share. On an adjusted basis, the company predicts earnings of 64 cents to 68 cents a share, above its prior projection of 60 cents to 65 cents. Analysts polled by Thomson First Call project earnings of 64 cents a share, before items. Priceline said that its results were helped by strong bookings growth, especially in Europe.
For the fourth quarter, Priceline predicts adjusted earnings of 32 cents to 38 cents a share. Analysts, meanwhile, project earnings of 35 cents a share. Shares were adding $2.20 to $33.78.
Time Warner Telecom
traded actively after the provider of voice and data-networking products priced its secondary offering at $17.50 a share, raising $694 million. The 39.6 million shares are being sold by
, Advance Telecom Holdings and Newhouse Telecom Holdings. Shares of Time Warner Telecom were up 8 cents to $18.05 on volume of more than 8 million share, compared with an average daily volume of 1.1 million shares.
fell 1% after the chipmaker warned that third-quarter revenue and earnings would be below expectations. For the period ending Sept. 30, the company cut its revenue projection to $113 million to $116 million from an earlier forecast of $122 million to $127 million. Analysts project revenue of $125.4 million. The company sees adjusted earnings of 22 cents to 25 cents a share, below the 35 cents a share that Wall Street projects. Silicon Labs blamed the shortfall on inventory problems and weak demand in the cell phone market. The company plans to issue third-quarter results on Oct. 23. Shares were trading down 44 cents to $31.65.
Other technology movers included
, up 8 cents to $18.01;
, down 2 cents to $19.47;
, down 3 cents to $23.24;
, up 5 cents to $5.21;
, down 8 cents to $27.10;
Level 3 Communications
, down 17 cents to $5.19;
, up 20 cents to $25.84;
, down 3 cents to $17.24; and
( LU), up 3 cents to $2.31.