Updated from 5:05 p.m. ET to add information on Apple.
NEW YORK (
) -- Shares of
sank in late trades on Wednesday after Steve Jobs announced his
The stock was last quoted at $357.82, down 5%, on volume of more than 900,000, according to
Apple said Tim Cook, the company's chief operating officer, will assume the CEO post with Jobs' blessing, saying Jobs had "strongly recommended" the board implement his succession plan and give the job to Cook.
"The Board has complete confidence that Tim is the right person to be our next CEO," said Art Levinson on behalf of Apple's board. "Tim's 13 years of service to Apple have been marked by outstanding performance, and he has demonstrated remarkable talent and sound judgment in everything he does."
Jobs will assume the role of chairman. He has been on medical leave from his CEO duties since earlier this year.
fell in extended action after the semiconductor capital equipment maker gave a disappointing outlook for the current quarter.
Applied Materials topped Wall Street expectations for its fiscal third-quarter results but said it expects non-GAAP earnings of 16 to 24 cents a share in its current fiscal fourth quarter ending in October with sales seen declining between 15-30% on a sequential basis.
The current estimate of analysts polled by
is for a profit of 30 cents a share in the October period on revenue of $2.57 billion.
"Applied delivered solid third quarter results, with earnings and revenue at the upper end of our expectations," said Mike Splinter, the company's chairman and CEO, in a statement. "While the fundamental drivers of our markets remain strong, we are seeing softness in our business resulting from the uncertain economic environment and overcapacity in solar."
The stock was last quoted at $10.81, down nearly 5%, on volume of nearly 650,000, according to
. Based on a regular session close at $11.36, the shares were down more than 18% so far in 2011.
surged late after the Alviso, Calif.-based provider of television recording products delivered a narrower than expected quarterly loss.
The company posted a loss of $19.6 million, or 17 cents a share, for its fiscal second quarter ended July 31 on revenue of $49.6 million. TiVo had forecast a loss of $25 million to $27 million in the three-month period on revenue ranging from $46 million to $48 million.
The average estimate of analysts polled by
was for a loss of 21 cents a share in the July-ended quarter on revenue of $48.3 million.
"On the heels of our historic settlement with DISH Network, in the second quarter we delivered better than anticipated revenue, Adjusted EBITDA and net income, exceeding our guidance," said Tom Rogers, the company's president and CEO, in a statement. "Further, the deals we have signed over the past years as a source of growth are now delivering a substantial number of subscribers, and we believe this trend should accelerate with more deployments later this year."
The stock rose nearly 7% to $8.65 on volume of more than 90,000, according to
Other stocks active in late trades included
GT Advanced Technologies
, which slumped nearly 3% to $11.54 on volume of more than 5.8 million after the company agreed to acquire Confluence Solar, a privately held developer of technology for the production of high efficiency monocrystalline solar ingots.
The deal calls for GT Advanced to pay $60 million in cash for Confluence Solar, and includes provisions for an additional $20 million in cash earnouts if certain performance goals and other milestones are met.
was another big mover, gaining nearly 30% to $13.35 on volume of 1.4 million after the Topeka, Kan.-based footwear retailer posted a quarterly loss of $35 million, or 58 cents a share, on revenue of $882.4 million, but said its board has authorized a review of strategic and financial options to increase shareholder value.
The company also said it plans to close 475 under-performing and low-volume, non-strategic stores in the next three years.
Written by Michael Baron in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.