were among technology's losers Thursday, sinking 12% after the chipmaker said it no longer plans to pursue a buyout.
Cypress said that "continuing with its standalone strategy at this time is in the best interests of its stockholders." Meanwhile, Cypress said that it would continue to look for ways to maximize shareholder value of the company and its investment in
The company also reported its third-quarter results. Cypress earned $10.7 million, or 6 cents a share, on revenue of $290.2 million. Excluding certain items, the company earned $27.6 million, or 16 cents a share. Analysts polled by Thomson First Call expected earnings of 15 cents a share and revenue of $280.1 million. During the year-earlier period, the company reported a loss of $5.9 million, or 4 cents a share, on revenue of $227.1 million. Excluding items, year-ago earnings were $3.8 million, or 3 cents a share. Shares were trading down $2.35 to $16.62.
Advanced Micro Devices
tumbled 11% after investors discounted the chipmaker's better-than-expected third-quarter results, focusing instead on the company's falling margins. The company earned $134.5 million, or 27 cents a share, on revenue of $1.33 billion. Analysts expected earnings of 24 cents a share on revenue of $1.3 billion. During the year-earlier period, the company earned $76 million, or 18 cents a share, on revenue of $1.52 billion.
AMD's gross margin for the quarter fell to 51.4% from 55.4% a year ago, as the company continued to battle
for market share. "The gross margin decrease was largely due to lower desktop processor ASPs which caused a decline in overall processor ASPs," AMD said. Shares were trading down $2.72 to $21.51.
rose 5% after the iPod and computer maker reported fourth-quarter results that easily topped expectations. For the period ended Sept. 30, the Apple earned $546 million, or 62 cents a share, up from $430 million, or 50 cents a share, a year earlier. Wall Street expected earnings of just 51 cents a share. Apple's revenue grew to $4.84 billion from $3.68 billion, surpassing analysts' expectation of $4.66 billion.
For the fiscal first quarter, Apple sees earnings of 70 cents to 73 cents a share, with revenue of $6 billion to $6.2 billion. Analysts project earnings of 77 cents a share on revenue of $6.44 billion. Shares were trading up $3.94 to $78.47.
plunged 20% after the software company posted weaker-than-expected third-quarter revenue. The company earned $46.6 million, or 25 cents a share. Excluding items, the company earned $64.8 million, or 34 cents a share, a penny above analysts' mean estimate. Revenue, however, totaled $277.9 million, below Wall Street's forecast of $280.9 million. During the year-earlier period, the company earned $41 million, or 23 cents a share, on revenue of $226.9 million.
Looking ahead, Citrix sees fourth-quarter adjusted earnings of 37 cents to 38 cents a share on revenue of $307 million to $315 million. Analysts had forecast earnings of 37 cents a share and revenue of $308.8 million. Shares were trading down $7.02 to $28.04.
slid 7% after the flash memory concern posted a wider-than-expected third-quarter loss. The company reported a loss of $22.1 million, or 17 cents a share, on revenue of $674.7 million. Analysts expected a loss of 10 cents a share and revenue of $681.7 million. A year earlier, the company recorded a loss of $61.7 million, or 85 cents a share, on revenue of $515.7 million.
Spansion said its fourth-quarter goal is to reach profitability. The company predicts revenue of $710 million to $740 million. Analysts project earnings of 13 cents a share and revenue of $722.6 million. Shares were trading down $1.23 to $15.61.
Other technology movers included Intel, down 35 cents to $20.76;
, up $1.03 to $29.52;
, down $1.16 to $23.54;
, up 68 cents to $18.30;
, unchanged at $5.20;
Sirius Satellite Radio
, down 6 cents to $3.84;
, down 30 cents to $23.88;
Level 3 Communications
, down 13 cents to $5.64;
, down 29 cents to $18.45; and
, down 23 cents to $28.29.