Today's Tech Winners and Losers

Garmin and Cognizant take flight after strong earnings reports.
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Shares of

Garmin

(GRMN) - Get Report

were among technology's winners Wednesday, rising 9% after the maker of global positioning equipment posted first-quarter results that easily topped expectations.

The company earned $87.5 million, or 80 cents a share, on revenue of $322.3 million. Excluding foreign-exchange effects, the company earned 86 cents a share. Analysts polled by Thomson First Call expected earnings of 67 cents a share and revenue of $256 million. During the year-earlier quarter, the company earned $47.4 million, or 43 cents a share, on revenue of $192.7 million. Excluding foreign exchange, the company earned 52 cents a share during the year-earlier quarter.

Looking ahead, Garmin sees full-year earnings of more than $3.40 a share on revenue that will exceed $1.4 billion. Analysts project earnings of $3.22 a share on revenue of $1.32 billion.

The company also announced a 2-for-1 stock split and an annual cash dividend of 50 cents a share, which reflects the stock split. The dividend will be payable Dec. 15 to shareholders of record Dec. 1. Shares were trading up $7.99 to $95.91.

Genesis Microchip

(GNSS)

plunged 19% after the maker of chips for flat-panel displays posted weaker-than-anticipated fourth-quarter earnings and said first-quarter revenue would be lower than expected. The company reported a loss of $317,000, or a penny a share, on revenue of $60.9 million. Excluding items, the company earned $1.6 million, or 4 cents a share. Analysts expected earnings of 5 cents a share, before items, on revenue of $60.5 million. A year earlier, the company reported a loss of $6.8 million, or 20 cents a share, on revenue of $52.9 million. Excluding items, the company earned $2.2 million, or 6 cents a share, during the year-earlier quarter.

Genesis sees first-quarter revenue of $55 million to $60 million, compared with analysts' projection of $65.3 million. "While we are not satisfied with our first quarter revenue outlook, I am confident that our design win profile and customer product ramps, supported by a seasonally strong market, will generate solid double-digit revenue and profitability growth in our fiscal second quarter," the company said. Shares were down $3.12 to $12.99.

Shares of

Adobe Systems

(ADBE) - Get Report

fell 8% after the software maker warned that fiscal second-quarter earnings and sales would be at the low end of its previous guidance. In March, the company projected earnings of 30 cents to 32 cents a share, excluding items, for the quarter ending June 2. Its revenue forecast at the time called for a top line of $640 million to $670 million. Analysts currently project earnings of 31 cents a share on revenue of $662.3 million. Adobe blamed the tepid outlook on weaker-than-expected demand during the spring holiday season in Europe and North America. The company plans to post second-quarter results on June 15. Shares were trading down $3.18 to $35.17.

Cognizant Technology

(CTSH) - Get Report

jumped 11% after the information technology-services company posted better-than-expected first-quarter results. The company earned $47.2 million, or 32 cents a share, up from $32 million, or 22 cents a share, a year earlier. Revenue rose to $285.5 million from $181.7 million. Analysts expected earnings of 29 cents a share on revenue of $276.6 million.

For the second quarter, Cognizant sees earnings of 33 cents a share, with revenue of at least $317 million. Analysts project earnings of 32 cents a share and revenue of $306.7 million. Shares were trading up $6.74 to $67.80.

Shares of

Macrovision

(MVSN)

climbed 12% after the software company's first-quarter results and second-quarter earnings guidance surpassed expectations. The company earned $2.9 million, or 6 cents a share, on revenue of $57 million. Excluding items, the company earned $13.2 million, or 25 cents a share. Analysts expected earnings of 18 cents a share, before items, on revenue of $53.2 million. Last year, the company posted adjusted first-quarter earnings of $11.5 million, or 22 cents a share, on revenue of $51.3 million.

Looking ahead, Macrovision sees second-quarter adjusted earnings of 20 cents to 22 cents a share and revenue of $54 million to $56 million. Analysts project earnings of 19 cents a share, with revenue of $54.8 million. Shares were trading up $2.69 to $25.36.

Other technology movers included

Microsoft

(MSFT) - Get Report

, down 18 cents to $23.83;

Sun Microsystems

(SUNW) - Get Report

, down 2 cents to $4.93;

Lucent Technologies

(LU)

, down 3 cents to $2.76;

Sirius Satellite Radio

(SIRI) - Get Report

, down 13 cents to $4.75;

JDSU

(JDSU)

, up 6 cents to $3.58;

Intel

(INTC) - Get Report

, down 17 cents to $19.32;

Advanced Digital

(ADIC)

, up $3.64 to $11.91;

Cisco Systems

(CSCO) - Get Report

, down 1 cent to $21.38;

Apple Computer

(AAPL) - Get Report

, down 93 cents to $70.69;

Qualcomm

(QCOM) - Get Report

, up 18 cents to $51.24; and

Oracle

(ORCL) - Get Report

, down 16 cents to $14.27.