Stocks were under pressure after the closing bell Monday amid the usual flutter of earnings reports from a number of tech stocks. Among the evening's big decliners was VMware ( VMW), which was plunging 23.5% despite a
better-than-expected bottom line. The California-based virtualization-software maker doubled its non-GAAP income from last year to $102.8 million, or 26 cents a share. That also beats Wall Street expectations by 2 cents a share, according to Thomson Financial. Revenue, however, was short of consensus despite surging 79.7% year over year to $412.5 million. VMware shares were falling $19.50 to $63.50. Storage tech company EMC ( EMC), which has an 86% stake in VMware, was off 10% to $15.22 in recent late trading. Also plunging was chipmaker Zoran ( ZRAN), which took a 22.2% slide to $11.70 after predicting a current-quarter profit of just 5 cents to 9 cents a share, excluding items, on sales of $104 million to $109 million. That would come in far below current Street targets for 24 cents a share on $122.4 million in revenue. As for the fourth quarter, earnings came to 34 cents a share, topping estimates by 2 cents. Memory-chip maker SanDisk ( SNDK) swung to a GAAP-based profit and topped Street profit projections, and Atheros ( ATHR), another chipmaker, likewise came in ahead for the fourth quarter. Nevertheless, both stocks spent substantial amounts of time in negative territory after the close, and SanDisk was recently down 6.1% to $24.30. Atheros, however, was recently gaining 1.2% to $29.20. Over in the financial sector, American Express ( AXP) lost 2.7% despite meeting its own knocked-down expectations with receding continuing-operations income of $839 million, or 71 cents a share. Analysts, as well, were looking for 71 cents a share. Shares of the New York-based credit-card company were falling $1.30 to $46.10. On the flip side, recent late winners included People's United Financial ( PBCT) up 0.7%; utility Energy East ( EAS) which gained 0.6%; and bond insurer Ambac ( ABK) which was recently adding 3.3%.