(Updated from 6:52 p.m. EST)
sat quietly at the top of
ECN's most-active list tonight after taking turns roiling the
Nasdaq for the past two weeks.
The computer manufacturer warned of an earnings shortfall for the September quarter yesterday evening, while the chipmaker confessed to the same crime last Thursday evening. Both disappointments were based on slowing demand. The news shook already rocky investor confidence and created anxious ripples in the technology sector.
Apple lost 51% of its equity today but slowly began to dig itself out of negative territory with tentative gains of 31 cents to $26.06. Intel, which has had a week to recover from its punishment, lost 6% during the day but tonight edged 39 cents higher to $41.96. Bellwether
also racked up 62 cents to $55.87 after falling 7% in Apple-induced selling.
Today a small software company added to the bad-news pileup by warning that third-quarter earnings would fall short of forecasts.
got the rotten Apple treatment during the day session, losing 64%, then staged a late recover tonight. The company put its net loss per share at 18 cents to 24 cents vs. a penny in the hole a year ago. While analysts expected the company to post a profit of 7 cents, the company attributed the large gap to a more complicated sales process that made transactions more difficult to implement and several transactions closing in the fourth quarter instead of the third quarter as expected.
EXAP started the evening in the red but reverse course later in the session, rising 3 cents to $4.56.
has been an Island top-20 presence all week, bobbing with spastic volatility. But troubled companies that are trading under a dollar per share aren't too hard to push around. Today it settled 17% lower but rebounded 12 cents, or 28%, to 56 cents on postclose news. The company reached an agreement with its senior lenders to waive all potential defaults for 60 days starting Sept. 30. The news assuaged concerns about potential defaults under the company's $200 million loan for its revised business plan.
settled 18% higher after
reported a possible takeover. According to the article a major computer data-storage firm will bid $2.3 billion, or $20 per share, for the company.
Though the story did not identify the bidder, it is rumored to be
. The article also said that Maxtor is seen as an attractive takeover target because of its file serving and data storage product, which can be installed in 10 minutes and is compatible with both Linux/Unix and Windows operating systems. It fell 50 cents to $10.50.
announced that it has signed a nonbinding letter of intent for a multistage $12-million round of equity funding.
"As proposed, ImaginOn will offer up to $3 million of Series G 8% convertible preferred stock and, within 120 days of the closing of that offering, enter into an 'equity line' arrangement under which it may offer and sell from time to time up to $9 million of its common stock at prevailing market prices," said the company press release. The company finished unchanged today but rose 3 cents, or 5%, to 56 cents tonight.
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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.