Updated from 11:56 a.m. EDT
Higher bond yields helped weigh tech stocks along with the overall market Thursday, though several big movers bucked the trend.
rose 9.3% after Connect Holdings boosted the price it is willing to pay for the company. Connect Holdings is now willing to pay $11 a share, up from an earlier offer of $10 a share. The new price represents an 11% premium to Pacific Internet's closing price of $9.95 on Wednesday. Connect Holdings, a privately held company, said that the new offer price is final. Shares of Pacific Internet were up 92 cents to $10.87.
As for the broader technology sector, the
100 was down 32.68 points to about 1882.
traded actively after the telecom equipment maker posted better-than-expected second-quarter results. The company earned $92.1 million, or 72 cents a share, on revenue of $349.4 million. Excluding one-time items, the company earned 35 cents a share. Analysts expected earnings of 24 cents a share on revenue of $333.4 million.
Looking ahead, ADC sees full-year adjusted earnings of about 89 cents a share on revenue of about $1.28 billion. Analysts project earnings of 87 cents a share on revenue of $1.3 billion. Shares closed up 3 cents at $17.32.
slid 11.8% after the maker of digital video systems posted a wider-than-expected first-quarter loss. The company reported a loss of $3.7 million, or 12 cents a share, on revenue of $38.8 million. Analysts expected a smaller loss of 10 cents a share on higher revenue of $41.4 million.
Looking ahead, SeaChange now expects first-half revenue to fall below the comparable period of a year ago. "Based on our first-quarter revenue performance, we believe it is unlikely that our previous guidance of first half fiscal 2008 revenue exceeding revenue for the second half of fiscal 2007 will be achieved," the company said. Shares closed down $1.07 to $8.04.
traded actively after the chipmaker boosted its stock buyback plan by $1 billion, bringing its total buyback authorization to $1.4 billion. Since fiscal 2004, the company has bought about $2.6 billion in stock, or about 20% of its outstanding shares. Despite the buyback news, shares were trading down $1.02, or 2.8%, to $35.57 on volume of more than 3 million shares.
rose 7.7% after the chipmaker announced the hiring of Steve Berry, who will serve as chief financial officer. Berry replaces Scott Sullinger, who left the company in February. Shares closed up 29 cents to $4.06.