Tech stocks were up Wednesday along with the major market indices as investors awaited the Federal Reserve's decision on interest rates.
gained 72 cents, or 3.5%, to $21.18
Wall Street's earnings expectations. First-quarter profit, though, fell to $52.8 million compared with $60.8 million, a year ago. Adjusted for certain items, earnings totaled $87.2 million, or 30 cents a share, compared with $96.9 million, or 31 cents a share and was in line with analysts' consensus estimates. Revenue grew to $1.6 billion and beat Street expectations of $1.53 billion.
rose 71 cents, or 3.5%, to $20.97 after rival
its cable TV business.
Communications headset maker
gained $2.69, or 12.6%, to $23.97 after it posted
due to "healthy demand" from international markets. Plantronics posted profit of $17.8 million vs. $10.1 million a year ago. Excluding items, EPS was 43 cents a share. Revenue rose 7% to $208.7 million. Analysts were expecting earnings of 27 cents a share on revenue of $198.4 million.
plunged $4.38, or 9.4%, to $42.08 after the GPS-systems based navigation devices maker
first-quarter earnings targets amid what it said is a slowdown in the global economy. Garmin reported net income of $147.8 million vs. $139.9 million a year ago. Excluding items, profit was up to 69 cents a share from 59 cents the year before but fell short of analysts' estimates of 75 cents a share. Revenue for the first quarter jumped 35% to $664 million but was down 45.6% sequentially and came in lower than Wall Street's estimates of $705 million.
lost 33 cents, or 4.7%, to $6.73 after it reported quarterly losses for the fifth straight quarter and
its outlook for the year. For the full year, the company said it expects revenue to fall 2% to 5% because of the weak dollar and reduced spending by its customers including telecom companies.
Technology services company
shed 59 cents, or 12.4%, to $4.16 after it reported a
due to weak demand from its customers as a result of the slowdown in the economy. Unisys posted a loss of $23.4 million, or 7 cents a share, compared with a profit of $3.6 million, or a penny a share, the year before. Revenue was $1.3 billion, almost flat compared with $1.35 billion a year ago. Analysts were expecting a profit of 2 cents a share on revenue of $1.33 billion.