Do you hear that sound? That's the noise of a thousand engineers squealing at news of Apple's new iPhone 3GS. And new MacBook. And new iPhone OS.
It's no surprise that Apple is gobbling the headlines today from the company's Worldwide Developers Conference. Even Jim Cramer loves them. But he also revisited his love for some small, speculative tech plays too on last Friday's "Mad Money."
were all up 34%, 12% and 27% since the last time Cramer mentioned them. Still, each of the companies are tracking in the red today, down 3.4%, 1.7% and 2.4% respectively today.
The biggest thud of the three came out of Linthicum, Md., last Thursday when Ciena laid bare its second-quarter earnings. While analysts expected a loss per share of 9 cents, Ciena did them one better (or worse), showing off an adjusted loss of 25 cents. Losses came to $22.5 million in the quarter. But Ciena's losses actually tallied $503.2 million, which comes to $5.53 a share, following a massive $455.7 million impairment charge. Sales plummeted 41% in the quarter from $242 million in the year-ago period to $144.2 million.
CEO Gary Smith didn't exactly inspire confidence about the future. "Our fiscal second quarter was particularly challenging, reflecting the difficult macro and industry environment and continued delays in customer spending," Smith said in a release.
"While recent service providers' public commentary about expected annual capital expenditures has given the industry reason to be more optimistic about the second half of the year, our customers continue to spend cautiously, and as a result, our visibility remains limited."
News about Brocade was subdued last week as well after an analyst from Goldman Sachs took the company off of the Conviction Buy list, sending the stock price falling. The Conviction Buy list is stocked with a collection of companies that Goldman believes will outperform expectations.
Brocade's rating still remained in the Buy category, and the price target for the stock wasn't touched. Still, Min Park, the analyst, removed the data storage manufacturer from the list saying there was an absence of catalysts for the stock.
But news was a bit brighter coming out of San Jose last week, where Tessera shares jumped after the release of a higher sales forecast. The company, which develops miniaturized chips and parts for devices, now expects sales to come in between $59 million and $61 million after announcing a royalty deal with Motorola. That's up from an original $46 million to $49 million outlook.
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