Updated from 2:26 p.m. EDT with new stock prices
Tech stocks took a downward turn Tuesday. The decline was led by GPS-based navigation devices maker
after a rival warned of lower first-quarter revenues.
Shares of Garmin were down $4.23, or 8%, to $48.47 after its competitor
said first-quarter revenue
would be lower
than its earlier forecast following price cuts leading up to the introduction of new models, as well as the reduction of inventory by retailers in Europe.
added $1.11, or 5.9%, to $20.00 after the company
approximately 960,000 gross new subscribers, representing a 15% increase over the first quarter of 2007. The stock was also upgraded to outperform from market perform by an analyst at Wachovia.
rose 26 cents, or 2.9%, to $9.10 after it extended its
for its products and service internationally. The two companies already have a licensing deal for North America.
shed 31 cents, or 4.9%, to $6.03 after the company
for the first quarter and said it will reduce its workforce by 10%.
AMD said revenue for the quarter will be about $1.5 billion, down 15% sequentially, compared to its earlier projections of a 5% to 10% decline in sales. Analysts polled by Thomson Financial were looking for $1.62 billion in sales.
Shares of IT security company
fell 96 cents, or 4.9%, to $18.64 after an analyst at Friedman Billings Ramsey
on the stock to $19 from $21 on concerns that economic weakness will take its toll on the company's sales.