NEW YORK (TheStreet) -- Shares of OmniVision Technologies (OVTI) were tanking 24.5% to $18.74 in premarket trading Friday after the Santa Clara, Calif.-based digital imaging technology company gave a weak outlook for the current quarter.

The company said it expects non-GAAP earnings of 52 cents to 64 cents a share in the quarter on revenue ranging from $255 million to $275 million. That view is well below the current average estimate of analysts polled by Thomson Reuters for second-quarter earnings of 81 cents a share on revenue of $305.7 million.

Wireless provider

Clearwire

(CLWR)

has been discussing restructuring options with asset management firm

Blackstone Group

, according to

Bloomberg

.

Shares were tumbling 9.7% to $2.70.

Shares of

Aruba Networks

(ARUN)

were surging 9.5% to $18.76 after the Sunnyvale, Calif.-based company topped Wall Street's profit expectations by a penny in the latest quarter.

The company reported non-GAAP earnings of $20.2 million, or 17 cents a share for the fiscal fourth quarter on revenue of $113.8 million, up 47% year over year. The average estimate of analysts polled by Thomson Reuters was for a profit of 16 cents a share on revenue of $109.2 million.

Pandora

(P)

topped

Wall Street expectations in its second quarter, enjoying strong Web-based and mobile advertising revenue. Excluding items, the online radio company reported an adjusted profit of 2 cents a share on revenue of $67 million for its fiscal second quarter ended in July.

Analysts had expected Pandora to break even on a per share basis on revenue of $60 million.

Shares were gaining 6.3% to $13.25.

Tiffany

(TIF) - Get Tiffany & Co. Report

, the luxury retailer, posted adjusted second-quarter earnings of 86 cents a share, topping estimates handily as net sales rose 30% from a year earlier. It also

raised

its fiscal-year earnings forecast.

Tiffany raised its fiscal-year earnings outlook to $3.65 to $3.75 a share, not including nonrecurring expenses, compared with a previous forecast of $3.45 to $3.55 a share.

Shares were spiking 4.7% to $66.05.

Krispy Kreme Doughnuts

TheStreet Recommends

(KKD)

reported second-quarter earnings of 12 cents a share, including a gain of 6 cents on the sale of the company's equity interest in its Mexican franchisee. Analysts, on average, were expecting earnings of 6 cents a share.

Shares were rising 2.6% to $8.04.

Shares of

Starwood Hotels & Resorts Worldwide

(HOT)

were down 1% to $40.28 after the company was downgraded to equal-weight from overweight by

Morgan Stanley

.

Boeing's

(BA) - Get Boeing Company Report

787 Dreamliner plane is scheduled to receive operating certification from the U.S. government Friday after suffering years of delays.

Shares were trading sideways at $61.05.

Chipmaker

Advanced Micro Devices

(AMD) - Get Advanced Micro Devices, Inc. Report

appointed

Lenovo Group's

chief operating officer, Rory Read, to replace forced-out CEO Dirk Meyer.

Media and entertainment company

Madison Square Garden

(MSG) - Get Madison Square Garden Co. Class A Report

reported second-quarter profit of 11 cents a share vs. the average estimate of analysts of 13 cents a share.

-- Written by Andrea Tse in New York.

>To contact the writer of this article, click here:

Andrea Tse

.

Related links:

Buffett the Enabler of 'Too Big to Fail'

Apple Stock Still a 'Buy' Without Steve Jobs

Copyright 2011 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.