Updated from 2:09 p.m. EDT with new stock prices
Tech stocks turned higher Thursday despite seesaw earnings reports, led by bearish analyst sentiment for
The online auction company saw shares fall 6.16%, after Deutsche Securities cut its rating on the stock to sell from hold after it swung to a third-quarter net loss, despite beating expectations. The company lost $935.6 million, or 69 cents a share, in the third quarter, vs. a profit of $280.9 million, or 20 cents a share in the year-ago period.
Excluding items, including items including a previously announced
writeoff related to eBay's Skype acquisition, the company reported net income of $564 million, or 41 cents a share. Analysts polled by Thomson Financial had expected earnings of 33 cents a share. Shares fell $2.50 to $38.10.
shares were losing 2.92% after the software deployment infrastructure supplier disappointed investors with its
fourth-quarter outlook. The company sees fourth-quarter revenue of between $374 million and $382 million and earnings, excluding items, of 42 cents to 43 cents a share. Analysts polled by Thomson Financial were expecting revenue of $373 million and earnings of 45 cents a share.
MKM Partners cut its rating on the stock to neutral from buy, while Needham lowered its outlook to hold from buy. Despite beating third-quarter profit expectations, shares were falling $1.22 to $40.55.
shares soared 22.96% after the computer peripherals maker fired its treasurer for "unauthorized actions and misrepresentations to management" about short-term investments related to recent turmoil in the credit markets. The company said the former employee's actions would force it to write off between $55 million and $75 million in bad debt in the second quarter, but it will recover half of the loss and report it as a gain in the third quarter.
The company also upped its full-year operating income growth expectation 5% to 20% and said its gross margin is expected to be above the 32% to 34% it had forecast earlier. Shares rose $6.77 to $36.26.
Logitech, Citrix and eBay are components of the Nasdaq 100, which was rising 8.38 points to 2187.52.
was losing 14.70%, after an analyst from Lehman Brothers and Thomas Weisel expressed concerns, despite an earnings beat for the chipmaker, according to the
. The Lehman analyst said high expectations could lead to some softness and the Thomas Weisel analyst said insiders could pressure the stock with the IPO lockup expiring. Shares were off $4.82 to $27.98.
( AVCT) shares fell 5.78%, after the maker of computer peripherals posted lower third-quarter profits from the year-ago period. The company said it earned operational net income of $28.5 million, or 56 cents a share, vs. $30.4 million, or 64 cents a share in the comparable 2006 quarter. The company attributed the decline to its acquisition of LANDesk in August 2006, which boosted earnings in that quarter and weighed on them this year. Net sales increased to $162.7 million, vs. $142.3 million last year.
estimated earnings of 50 cents a share on revenue of $162.4 million. Shares fell $1.85 to $30.14.
On the winning end,
shares were jumping 13.01% after beating third-quarter expectations. The chipmaker reported net income of $20.3 million, or 16 cents a share, vs. $25.1 million, or 20 cents a share in the year-ago period. Excluding charges, the company reported net income of $34.1 million, or 27 cents a share. The company reported revenue of $426.8 million, vs. $417 million a year ago. Analysts expected earnings of 20 cents a share on revenue of $421.4 million. Shares were gaining $2.16 to $18.76.