Updated from 1:54 p.m. EDT with new stock prices
Tech stocks were slightly up ahead of semiconductor giant
first-quarter earnings report after the close of trading on Tuesday.
Shares of Indian IT outsourcing specialist
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.
also gained $2.35, or 8.7%, to $29.32.
Communications network equipment maker
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.
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.