Updated from 2:17 p.m. EDT with new stock prices
Tech stocks were down Tuesday following a tepid outlook from chipmaker
, which led to a decline in many semiconductor stocks.
lost $7.96, or 4.7%, to $160.20 a day ahead of the company's second-quarter results. Analysts expect Apple to report earnings of $1.07 a share on revenue of $6.96 billion in the second quarter, compared with EPS of 87 cents on revenue of $5.26 billion a year ago.
For the third quarter, Apple is expected to post EPS of $1.10 on revenue of $7.15 billion. An analyst at American Technology Research also downgraded the stock to neutral from buy citing the high expectations ahead of the company's results.
Some analysts also say the recent 20% run-up in Apple's stock over the last four weeks could lead some investors to cash in ahead of the company's results.
gained $2.21, or 8.2%, to $29.30 after the company reported
for the fourth quarter and reaffirmed guidance for the current fiscal.
Logitech posted EPS of 32 cents, which were in line with analysts' estimates, while revenue rose 17.7% to $604 million. Analysts were expecting revenue of $592.7 million. For fiscal 2009, the company said it expects 15% growth in sales and operating income.
bucked the gloom in chip stocks and surged $2.21, or 18.1%, to $14.43 after it beat Street expectations for the first quarter following
for its power-management chips used in PCs, televisions and networking equipment.
Volterra posted net income of $2.5 million, up sharply from the $361,000 a year ago. Excluding items, EPS was 13 cents a share, higher than analysts' estimates of 9 cents a share. Revenue in the quarter rose 31% to $23 million, and was ahead of the $20.4 million expected by analysts.
Shares of Texas Instruments were down $1.77, or 5.8%, to $28.82 after the chipmaker offered a
for the current quarter.
Texas Instruments said it will reduce manufacturing activity at its semiconductor factories and will hold the line on operating expenses in the coming quarters due to concerns over the health of the macroeconomic environment.
Texas Instruments' weak forecast also took its toll on shares of
. Intel fell 47 cents, or 2.1%, to $21.99. AMD was down 18 cents, or 2.9%, to $5.96, while Qualcomm shed $1.07, or 2.5%, to $41.55.
Shares of telecommunications networking company
( TLAB) were down 83 cents, or 13.8%, to $5.19 after it reported lower profit in the first quarter and offered a disappointing outlook for the current quarter.
Net profit in the first quarter fell to $16.6 million, or 4 cents a share, from $25.5 million, or 6 cents a share, a year ago. Excluding items, Tellabs reported earnings of 8 cents a share, compared with analysts' expectations of 4 cents a share. Revenue rose 3 percent to $464 million and missed analysts' consensus estimates of $453.67 million.
The company, though, guided revenue in the second quarter to be in the range of $425 million to $445 million, significantly below Street estimates of $474.91 million.