Thursday's Late Winners & Losers

Dell plunges on accounting errors and a delayed 10-K filing.
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Dell

(DELL) - Get Report

plunged some 7% in extended trading Thursday after the computer maker

found "a number of accounting errors, evidence of misconduct and deficiencies in the financial control environment" in an ongoing internal investigation of its bookkeeping. The Round Rock, Texas, company won't file its year-end financials on time as a result. Shares were sliding 54 cents, or 2.3%, to $22.85 in recent after-hours trading.

Electronics-products maker

Spectrum Control

(SPEC)

jumped nearly 11% after its fiscal first-quarter per-share profit climbed eightfold from last year to 16 cents, or $2.1 million, on sales that surged 28.7% to $32.9 million. Shares of the Fairview, Pa., small-cap were gaining $1.18, to $12.08.

PMC-Sierra

(PMCS)

gained after the Santa Clara, Calif., chipmaker

announced it will close two of its R&D centers, letting go of some 175 employees in the process -- about 15% of its total headcount -- in order to cut annual costs by roughly $20 million to $24 million. The restructuring costs should total between $12 million and $14 million. Shares were up 25 cents, or 4%, to $6.55.

Solectron

(SLR)

, which makes computing and storage equipment, posted non-GAAP continuing-operations profits of $41 million, or a nickel a share, for the fiscal second quarter -- a 2-cent per-share lift from last year that squares with Street estimates. Shares of the Milpitas, Calif., company were gaining 11 cents, or 3.6%, to $3.19

Shares of

Cognos

(COGN)

dropped on

soft guidance. The application-software developer said fiscal-first-quarter non-GAAP earnings should range between 28 cents and 33 cents a share -- at least 4 cents short of Wall Street targets -- and fiscal 2008 income guidance, at $1.98 to $2.05 a share, leans slightly to the lower end of consensus. The Canada-based company was losing $1.85, or 4.6%, to $38.10.

Red Hat

(RHT) - Get Report

, a software-services provider, met fiscal fourth-quarter profit targets but was

just shy of revenue expectations, posting a top line of only $111.1 million. Analysts were looking for $112.5 million. Shares of the Raleigh, N.C.-based firm dropped some 4% on the post-bell news but have since recovered, moving up $1.17, or 5%, to $24.31 in recent after-hours trading.

Asset manager

W.P. Stewart

(WPL)

slipped after cutting its per-share dividend to 15 cents from 23 cents previously, kicking off a new dividend policy that dictates smaller payments in the first three quarters and a final amount based on that year's cash earnings. The Bermuda-based firm will also incur an 11-cent per-share charge in the first quarter due to employee terminations. Shares were down 25 cents, or 2.3%, to $10.75 in recent after-hours trading.