Wednesday's Tech Winners & Losers
Updated from 1:49 p.m. EST with new stock prices
Technology stocks tumbled Wednesday amid a broad market selloff on concerns of high oil prices, a weak dollar and a credit crisis in the financial sector.
IT services company
EDS
(EDS)
bucked the larger trend and gained 3.6% after the stock received an upgrade to market outperform from market perform from a Sanford C. Bernstein analyst.
The Financial Times
reported Monday that Deutsche Telekom has had talks with EDS to buy the company in a bid to strengthen its small IT services division. EDS was up 69 cents, or 3.6%, to $20.06 in recent trading.
Symantec
(SYMC) - Get Symantec Corporation Report
was up 23 cents, or 1.3%, to $17.52. The IT security giant released a new product called Norton Smartphone Security for mobile phones. The product is Symantec's first consumer mobile security offering and works with Windows Mobile and Symbian operating systems.
AMD
(AMD) - Get Advanced Micro Devices Inc. Report
fell 3.9% as the market continued to react negatively to its announcement earlier this week of a new quad-core processor for desktop PCs. AMD declined 44 cents to $10.84.
Intel
(INTC) - Get Intel Corporation Report
TheStreet Recommends
was down 89 cents, or 3.5%, to $24.63 after a Robert W. Baird analyst initiated coverage of the stock with a neutral rating and a $30 price target.
Wireless equipment maker
LM Ericsson
fell 7.7% after the company said at an investor conference that fourth-quarter revenue will be at the low end of its forecast. Ericsson has previously said it expects sales for the quarter to range from $8.38 billion and $9.49 billion. Ericsson was down $1.92 to $23.19.
Garmin
(GRMN) - Get Garmin Ltd. (Switzerland) Report
pulled back 2.6% from a run-up that began Friday after it dropped out of the bidding for Dutch mapping company
Tele Atlas
. Garmin was off $2.39 to $91.20.
Video-games retailer
GameStop
(GME) - Get GameStop Corporation Report
continue to decline as investors remained concerned about the company's soft fourth-quarter
outlook. GameStop forecast earnings in the range from 95 cents to 97 cents a share, compared with earnings of 81 cents the year before. Analysts are looking for $1.01 a share in the fourth quarter. GameStop was off $1.69, or 3.3%, to $49.32.
Leap Wireless
(LEAP)
fell $2.27, or 6.6%, to $32.06. The company said Wednesday it has received waivers from the holders of a majority of its $890 million senior secured term loan and $200 million revolving credit facility. Leap paid a 25-basis-point fee to the lenders for granting the waivers, and it agreed to increase the interest rate by 75 basis points.
