were among technology's losers Wednesday, tumbling 24% after the wireless products and services company posted disappointing fourth-quarter results and warned that first-quarter sales would be below Wall Street's forecast.
The company reported a loss from continuing operations of $24.8 million, or 70 cents a share, on sales of $85.2 million. The results included writedowns and reserve increases of $7.8 million. The quarter also included nonrecurring operating expenses of $10.3 million associated with the sale of the company's Liberty Wireless unit and other streamlining costs. Analysts, meanwhile, expected earnings of 22 cents a share, with sales of $95 million. "Our fourth quarter and full year results were disappointing and came in below our expectations," the company said. "With the sale of Liberty Wireless behind us, we will be better able to focus our attention on achieving profitability." A year earlier, the company posted a loss of $7.9 million, or 37 cents a share, on sales of $48.7 million.
For the first quarter, InPhonic projects sales of $83 million to $85 million. Analysts had forecast sales of $93.6 million. Shares were trading down $1.92 to $6.05.
jumped 10% after the Chinese search engine company posted better-than-expected fourth-quarter results. The company earned $3 million, or 9 cents a share, on sales of $14.2 million. Excluding stock-based compensation costs, the company earned $4.3 million, or 13 cents a share, topping analysts' forecast of 7 cents. Sales came in at $14.2 million, compared with analysts' projection of $12.8 million.
Looking ahead, Baidu.com sees first-quarter sales of $15.5 million to $16.1 million. Analysts project sales of $13.7 million. Shares were up $5 to $56.69.
were higher after the maker of global satellite positioning equipment posted fourth-quarter results that easily beat expectations. The company earned $87.1 million, or 80 cents a share, on sales of $319.3 million. Excluding foreign exchange, the company earned $94.9 million, or 87 cents a share. Analysts expected earnings of 70 cents a share, with sales of $305.5 million. During the year-earlier period, the company earned $47.6 million, or 44 cents a share, on sales of $220.9 million. Excluding foreign exchange, the company earned $68.5 million, or 63 cents a share, in the year-ago period.
Looking ahead, Garmin sees 2006 earnings of $3.19 a share, including 7 cents a share in stock-based compensation expense, on sales of greater than $1.3 billion. Analysts project earnings of $2.86 a share and sales of $1.23 billion. Garmin shares, which rose as much as 8% in early trading, recently were up 99 cents, or 1.5%, to $66.99.
fell 8% after the provider of servers and storage products said it plans to sell 7.5 million shares of stock in a secondary offering. The company will sell some 3.3 million shares, while 4.2 million shares will be sold by selling stockholders, including entities affiliated with Parthenon Capital and certain members of management. The underwriting syndicate is being led by Thomas Weisel Partners. Shares were lower by $3.19 to $35.21.
Smith Micro Software
rose 8% after the software company posted better-than-expected fourth-quarter results. The company earned $2.2 million, or 9 cents a share, up from $1.6 million, or 9 cents a share, a year earlier. Excluding items, the company earned $2.6 million, or 11 cents a share, topping analysts' mean estimate by a penny. Sales rose to $8 million from $4.2 million, exceeding Wall Street's forecast of $7.8 million.
"As we enter 2006, we believe we are extremely well positioned to capitalize on the growing mobile broadband marketplace with our new and existing project offerings and we believe we are well positioned to enjoy continued strong growth through organic growth and acquisitions in 2006," Smith Micro said. Shares were up 68 cents to $9.20.
Other technology movers included
, down 47 cents to $20.15;
, up 5 cents to $4.30;
, down 2 cents to $2.96;
Sirius Satellite Radio
, up 14 cents to $5.32;
, up 26 cents to $19.84;
, up 27 cents to $26.81;
, up $1.58 to $70.66;
, up 4 cents to $2.83;
, up 24 cents to $19.53;
, up 9 cents to $12.43; and
, up 9 cents to $29.90.