were down $1.77, or 5.8%, to $28.82 after the chipmaker offered a
for the current quarter.
Texas Instruments said it will reduce manufacturing activity at its semiconductor factories and will hold the line on operating expenses in the coming quarters due to concerns over the health of the macroeconomic environment.
A winner on Tuesday,
, which makes minimally invasive surgery products, saw its shares rise $2.60, or 7.2%, to $39.14 after releasing its quarterly results. The company earned $9.2 million, or 34 cents a share, up from $7.1 million, or 25 cents a share, in the comparable year-ago quarter. Sales increased 23% to $91 million, also beating expectations of analysts polled by Thomson Financial who expected 32 cents a share on $89.3 million in sales.
The company also said it expects profit of between $1.95 and $2, on sales growth of at least 20% for full year 2008. As of Tuesday, analysts polled by Thomson Financial were anticipating $1.93 a share on sales of $382 million.
Also on the uptick, pharmacy benefit manager
Medco Health Solutions
said Tuesday that it has a renewed contract that was set to expire in 2009 with UnitedHealth Group, its largest customer. The companies didn't disclose terms of the new contract, which will last through 2012.
UBS, Citigroup and Jeffries all upgraded the stock to buy. Jeffries upped its price target to $65 from $57 on the news. Medco shares were trading up $3, or 6.3%, to $50.79.
Shares of telecommunications networking company
were down 83 cents, or 13.8%, to $5.19 after it reported lower profit in the first quarter and offered a disappointing outlook for the current quarter.
Net profit in the first quarter fell to $16.6 million, or 4 cents a share, from $25.5 million, or 6 cents a share, a year ago. Excluding items, Tellabs reported earnings of 8 cents a share, compared with analysts' expectations of 4 cents a share. Revenue rose 3 percent to $464 million and missed analysts' consensus estimates of $453.67 million.
The company, though, guided revenue in the second quarter to be in the range of $425 million to $445 million, significantly below Street estimates of $474.91 million.
gained 19.8% to $16.81. The Santa Ana, Calif.-based maker of alternative fuel components and systems for automobiles reported fourth-quarter earnings of $4.8 million, or 31 cents a share, vs. a loss of $1.2 million, or 8 cents a share, a year ago. The Street was looking for EPS of 17 cents.
One of the day's big losers,
, saw shares fall 14.7% to $13.11. The Milpitas, Calif.-based maker of core systems software for PCs posted second-quarter non-GAAP income of $2.3 million, or 8 cents a share, vs. a loss of $3.2 million, or 13 cents a share, a year ago. Analysts polled by Thomson Financial were looking for EPS of a penny. However, the company missed on revenue, delivering $17.1 million in sales, compared with a consensus estimate of $17.4 million.
This article was written by a staff member of TheStreet.com.