Tech stocks were down Wednesday following a subdued earnings outlook from sector giant
rose 54 cents, or 3.2%, to $16.98, following the announcement that it will combine with
wireless broadband division
a new $14.55 billion new company. Sprint Nextel fell 10 cents, or 1.1%, to $9.10.
added $1.58, or 20.4%, to $9.40 after it forecast second-quarter sales well above Street expectations. The company said it expects revenue in the range of $545 million to $560 million, higher than analysts' expectations of $400.6 million.
IT security company
Vasco Data Security
jumped $1.03, or 10.1%, to $11.20 after an analyst at Jeffries upgraded the stock to buy from hold based the belief that the stock has been heavily discounted after it missed earnings compared to the company's guidance.
were down 40 cents, or 1.5%, to $25.94 following the company's
Cisco reported profit of $1.8 billion, or 29 cents a share, down from $1.9 billion, or 30 cents, a year ago. Excluding charges, Cisco earned 38 cents a share, beating analysts' estimates by 2 cents. Revenue jumped 10.4% to $9.8 billion and was slightly above Wall Street's estimate of $9.75 billion.
Cisco CEO John Chambers
he expects the company to grow at a double-digit rate because of its global business and a pickup in business in the U.S.
RF Micro Devices
lost 9 cents, or 2.6%, to $3.36 after the company said it
to save costs and reduce investments in wireless systems, including cellular transceivers and GPS products.
shed 69 cents, or 3.3%, to $19.68 after
wider-than-expected loss in the fourth quarter and offered weak outlook for the current quarter. Net loss for the quarter was $34.5 million compared with net income of $6.5 million the year before as a result of higher operating expenses related to marketing of games and accelerated software amortization charges.
Excluding items, it reported a fourth-quarter net loss of 37 cents a share, compared with earnings of 15 cents a share a year ago. For the current quarter, THQ said it expects revenue in the range of about $115 million to $125 million and a net loss in the range of approximately 38 cents to 42 cents a share. Analysts are expecting revenue of $122.52 million and a loss of 18 cents a share.