Updated from 4:01 p.m. EDT
Tech stocks were flat on Tuesday, but earnings were moving several stocks.
slumped 15.1% after the company, which makes systems that enable people to access digital content, cut its first-half revenue guidance. The company now sees revenue coming in 20% below year-ago first-half levels. Previously, the company said that revenue would be flat to slightly down. "A combination of factors -- including recent budget freezes at U.S. government agencies, demand fluctuations in our Asian market, and project delays in Europe -- have contributed to uncharacteristically low smart card reader sales during our second quarter," the company said. Shares closed down 54 cents to $3.03.
fell 9.1% after the chipmaker cut its first-quarter revenue guidance. The company now sees revenue of $70 million to $72 million. Previously, the company said that revenue growth would be flat with the previous quarter, when it posted revenue of $74 million. The company sees gross margins of 27% to 30%. "It is not our practice to revise our guidance unless we expect a material change from our previous guidance; nor is it our practice to issue guidance on gross margins," the company said. "We do not plan to issue guidance on gross margins in the future." Analysts polled by Thomson Financial project revenue of $75 million. Shares closed down 89 cents to $8.87.
traded actively after the information technology supply-chain services company posted better-than-expected second-quarter results, but issued third-quarter guidance that did not please investors. The company posted second-quarter earnings of $14.7 million, or 45 cents a share, on revenue of $1.68 billion. Analysts expected earnings of 44 cents a share on revenue of $1.63 billion.
Looking ahead, Synnex sees third-quarter earnings of 44 cents to 46 cents a share on revenue of $1.7 billion to $1.75 billion. Guidance includes integration costs of a penny a share. Analysts project earnings of 46 cents a share on revenue of $1.71 billion. Shares closed down 10 cents to $21.43.
traded actively after the chipmaker said that it would buy privately held Legerity Holdings for $134.5 million in cash. The deal is expected to close in late July. "Combining Zarlink and Legerity creates a well-positioned semiconductor company with the scale necessary to compete effectively in a consolidating and growing network communications industry," Legerity said. Shares of Zarlink were up 1 cent to $1.73.
rose 4.6% after JPMorgan upgraded shares to overweight from neutral. The broker said that the stock's recent weakness provides an attractive buying opportunity. The firm also said that Dolby could generate double-digit revenue growth during the next four years. Shares closed up $1.50 to $34.16.
As for the broader technology sector, the Nasdaq 100 was down 4.26 to 1908.64.