Updated from 2:30 p.m. EDT with new stock prices
led tech stocks lower Wednesday, as investors took profits after a huge earnings beat.
The online retailer
easily exceeded Wall Street's expectations for third-quarter profits and sales. Net income surged 313% to $80 million, or 19 cents a share, vs. Thomson Financial's consensus forecast of 18 cents a share. Net sales jumped 41% to $3.26 billion, compared to the Street's $3.14 billion target. But while the company sees fourth quarter net sales of between $5.1 billion and $5.45 billion, toward the high end of analysts range, shares were falling $12.09, or 11.99%, to $88.73.
Amazon was just one of several huge movers -- most straight down -- on the Nasdaq 100, which was down 16.59 points to 2,188.59.
also was dipping 8.40%, even after
beating profit and revenue expectations for the third quarter and issuing optimistic guidance. The networking equipment maker reported an adjusted profit of $124.5 million, or 22 cents a share, on revenue of $735 million, up 28% from the year-ago period. Analysts polled by Thomson Financial had forecast Juniper to post an adjusted profit of 21 cents a share on $710 million in sales.
The company guided above the consensus for the fourth quarter and full year, but said it expects gross margins to decline sequentially in the fourth quarter. Shares were falling $3.12 to $34.02.
were falling 6.22% after issuing
disappointing guidance. The company, which among other things makes glass for high-definition TVs and computers, forecast earnings of between 36 to 38 cents a share on revenue of $1.5 billion to $1.55 billion. Analysts were looking for earnings of 39 cents a share on $1.62 billion in revenue. Corning shares were falling $1.54 to $23.20.
A slew of chipmakers also were falling.
shares were plummeting 15.69% after the chipmaker posted a lower third-quarter profits and revenue and
weak outlook for the fourth quarter. Net income slipped 21.5% to $69 million, or 20 cents a share, and sales declined 7% to $315.8 million. Analysts were expecting earnings of 19 cents a share on revenue of $325.15.
For the current quarter, Altera sees sales somewhere between flat and down 4%. That's below analysts forecast of $336.4 million. Shares were tumbling $3.66 to $19.66.
, was also sinking 16.98% after reporting
shrinking profits. The company surpassed revenue expectations with $950 million, up 5% from a year-ago and above the consensus $930 million. Net income, however, fell to $27.8 million, or 5 cents a share, from $110.1 million, or 19 cents a share, in the year-ago period. Excluding items, Broadcom reported earnings of 27 cents a share, in-line with expectations. Shares were down $7.14 to $34.92.
2.95% decline was paired with
meteoric rise. Transmeta, which licenses chip-related technologies, rocketed 233.25% after it
settled a patent lawsuit with the semiconductor giant. Under the agreement, Intel will pay Transmeta $150 million up front and $20 million annually for non-exclusive licenses for its technologies. Intel shares were down 79 cents to $26.01, while Transmeta shares were flying $9.75 higher to $13.93.
Juniper, Altera, Broadcom and Intel are all components of the Nasdaq 100.
was one of the few components of the index that was gaining ground Wednesday.
While the chipmaker posted declines in revenue and adjusted net income from the year-ago period, its outlook of an adjusted profit of between 35 cents and 38 cents a share was to the high end of the 35-cent consensus. Shares were up $1.32, to 4.3%, to $32.