Updated from 1:05 p.m. EDTShares of Sycamore Networks ( SCMR) were among technology's losers Monday, falling 6.2% after Credit Suisse First Boston downgraded the stock to underperform from neutral. CSFB said it does not expect Sycamore to return to or sustain profitable growth in the foreseeable future amid a soft optical-switch market. CSFB believes that Sycamore faces increasing competition from larger companies that have deeper pockets. CSFB gave Sycamore a price target of $3.50 a share. Shares traded down 25 cents to $3.81. Nortel Networks ( NT) rose 2.3% after the New York Stock Exchange granted it a three-month extension to file its 2003 10-K with the Securities and Exchange Commission. The extension is subject to review by the NYSE on a periodic basis. If Nortel does not complete the filing of its 10-K by March 31, 2005, the NYSE will move forward with the initiation of suspension procedures, Nortel said. As previously announced, Nortel will begin filing its delinquent financial results with the SEC beginning on Jan. 10. Shares traded up 8 cents to $3.55. Shares of Cray ( CRAY) rose 1.9% after the company received new orders totaling $9 million. Cray didn't name the customers, but did say they were from Europe and the Asia-Pacific regions. Cray expects to install two Cray X1E supercomputer systems during the first half of the year, it said. Shares traded up 9 cents to $4.75. Despite receiving a favorable ruling on an antidumping case in China, Corning ( GLW) fell slightly Monday. The Ministry of Commerce of the People's Republic of China concluded that Corning had not dumped standard single-mode optical fiber into the Chinese market, Corning said. The ruling lifts a preliminary ruling that went into effect on June 16, which led to a 16% tariff on Corning imports. Shares traded down 6 cents to $11.71.
Shares of Google ( GOOG) rose 5.2% after Goldman Sachs raised its earnings and sales forecast for Google's fourth quarter. Goldman now expects fourth-quarter earnings of 76 cents a share, up from 74 cents a share, on sales of $592 million, up from its previous estimate of $579 million. Goldman cited stronger paid-search results and better branded advertising expectations for its earnings and sales bump. Shares traded up $9.92 to $202.71 Other technology volume leaders included Sirius Satellite Radio ( SIRI), down 14 cents to $7.48; Sun Microsystems ( SUNW), down 28 cents to $5.11; Intel ( INTC), down 32 cents to $23.07; Microsoft ( MSFT), up 2 cents to $26.74; Oracle ( ORCL), down 31 cents to $13.41; Cisco ( CSCO), unchanged at $19.32; and Lucent ( LU), up 2 cents to $3.78.