Updated from 1:02 p.m. EDTShares of Cogent ( COGT) were among technology's losers Tuesday, falling 8.9% after the company filed to sell 11 million shares of stock. The company, a provider of automated fingerprint identification systems, said that of the 11 million shares, it would offer 4 million. Executive officers and stockholders of the company will sell the remaining 7 million shares. Morgan Stanley and J.P. Morgan Securities are leading the underwriting syndicate. Shares traded down $2.02 to $20.75. WPCS International ( WPCS) rose 2% after the wireless engineering services company received a $7 million contract. The contract, which was awarded by an unnamed major wireless carrier, will be completed over the next 18 months. The project is related to a multiphase FCC mandated rebanding initiative to include mitigation of public safety radio interference at 800MHz by realigning operators. Shares traded up 11 cents to $5.51. Shares of Corning ( GLW) fell 1.9% after the company backed its second-quarter guidance but tweaked its telecommunications segment outlook. The company expects earnings of 17 cents to 19 cents a share on sales of $1.08 billion to $1.13 billion. Analysts polled by Thomson First Call are expecting earnings of 18 cents a share on sales of $1.1 billion. Corning now expects sales in its telecom segment to be sequentially flat to up 5%. Previously, the company said it would post sequential sales growth of 5%. The revised outlook is due to potential lower demand, it said. Shares traded down 29 cents to $14.74. Shanda Interactive Entertainment ( SNDA) fell 1.3% after the company posted first-quarter results that were better than expected. The online games operator earned $26.6 million, or 36 cents a share, on sales of $60 million. Analysts were expecting earnings of 33 cents a share on sales of $53.6 million. A year ago the company earned $8.7 million. Shares traded down 43 cents to $33.46.
Shares of Microchip Technology ( MCHP) rose 2.3% after the chipmaker backed its first-quarter earnings and sales outlook. The company expects earnings of 28 cents a share on sales of about $218 million. Analysts are expecting earnings of 28 cents a share on sales of $217.6 million. The company said it posted record bookings in April and that May is continuing at the same pace. Shares traded up 67 cents to $30. Jabil Circuit ( JBL) fell 0.7% after the company backed its 2005 financial guidance. The company said that it still expects core earnings of $1.27 to $1.29 a share on sales of about $7.5 billion. Analysts are expecting earnings of $1.28 a share on sales of $7.5 billion. Including items, the company expects earnings of $1.09 to $1.11 a share. "The company does not comment on or provide customer-specific guidance," it said. "However, in light of an unsubstantiated news item posted online late yesterday afternoon, Jabil management said that its current guidance remained unchanged." Late Monday TheStreet.com reported that Lucent Technologies ( LU) is preparing to end its manufacturing agreement with the company. Shares traded down 19 cents to $28.89. Shares of ATI Technologies ( ATYT) fell 6.7% after analysts raised concerns about the company's third-quarter prospects. Hans Mosesmann, an analyst at Moors & Cabot, downgraded shares to hold from buy, citing increasing evidence that growth is weaker than his firm had originally expected. As a result, the firm cut its price target on the stock to $19 from $29. Credit Suisse First Boston reiterated its outperform rating on the stock but cut its estimate for the third quarter to 18 cents a share, down from 21 cents. Analysts polled by First Call are expecting earnings of 21 cents a share on sales of $579.7 million. Shares traded down $1.10 to $15.29. Other technology movers included Intel ( INTC), up 37 cents to $25.70; Oracle ( ORCL), down 14 cents to $12.21; Cisco Systems ( CSCO), down 3 cents to $19.06; Microsoft ( MSFT), down 3 cents to $25.46; Lucent Technologies ( LU), unchanged at $2.86; Sun Microsystems ( SUNW), up 2 cents to $3.98; and Applied Materials ( AMAT), down 3 cents to $16.04.