Tuesday's Tech Winners & Losers

Infosys shares gain after it posted higher profits for the quarter.
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Updated from 1:54 p.m. EDT with new stock prices

Tech stocks were slightly up ahead of semiconductor giant

Intel's

(INTC) - Get Report

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

Shares of Indian IT outsourcing specialist

Infosys

(INFY) - Get 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

Cognizant

(CTSH) - Get Report

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

Communications network equipment maker

Adtran

(ADTN) - Get 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

EMC

(EMC)

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

Avnet

(AVT) - Get 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.