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Tuesday's Tech Winners & Losers

Infosys shares gain after it posted higher profits for the quarter.

Updated from 1:54 p.m. EDT with new stock prices

Tech stocks were slightly up ahead of semiconductor giant


(INTC) - Get Intel Corporation Report

first-quarter earnings report after the close of trading on Tuesday.

Shares of Indian IT outsourcing specialist


(INFY) - Get Infosys Limited American Depositary Shares Report

rose $3.11, or 8.5%, to $39.67 after

fourth-quarter profit jumped

and it raised its future dividend payout ratio. Revenue in the quarter rose 32% to $1.14 billion, while net income was up 20% to $311 million, or 54 cents a share, from $259 million, or 45 cents a share, a year ago.

Infosys competitor


(CTSH) - Get Cognizant Technology Solutions Corporation Report

also gained $2.35, or 8.7%, to $29.32.

Communications network equipment maker

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TheStreet Recommends


(ADTN) - Get ADTRAN Inc. Report

added $1.51, or 7.9%, to $20.60 after the company

met analysts' estimates

for the first quarter. The company also announced a stock repurchase of 5 million shares and declared a quarterly cash dividend for the first quarter of 9 cents a share.

Data storage company



lost 44 cents, or 3%, to $14.20 after an analyst at Citigroup

cut his rating

on the stock to hold from buy.

The analyst, Paul Mansky, also lowered his price target on the stock to $17 a share from $22 on the belief that an economic downturn could take a higher toll on demand for the company's products.

Electronics distributor


(AVT) - Get Avnet Inc. Report

lost $3.95, or 12.2%, to $28.38 after the company warned that profit in the third and fourth quarters would

miss analysts' expectations


For the third quarter, Avnet forecast earnings, excluding items, of 74 cents to 76 cents a share and revenue of $4.42 billion. Analysts were expecting earnings of 87 cents a share on revenue of $4.47 billion.

For the fourth quarter, the company guided EPS of 79 cents to 83 cents and revenue in the range of $4.55 billion to $4.75 billion. Analysts are expecting EPS of 92 cents on revenue of $4.75 billion.