Tech stocks remained jittery on Wednesday along with the rest of the market as investors anxiously waited to see whether the Senate approves a revised $700 billion federal bailout package. The Nasdaq was down 25 points, or 1.2%, to 2066. Nuance Commucations ( NUAN) saw its shares soar 13.5% to $13.83 after the company raised its fourth-quarter projections. The company now sees its revenue ranging between $258 million and $262 million vs. its previous estimate of $255 million to $262 million. Analysts were expecting $259 million, according to Thomson Reuters. Nuance expects to report a 1 cent to 2 cent loss a share in the fourth quarter, an improvement from its earlier projected loss of 2 cents to 3 cents a share. GameStop ( GME) shares were up 4% to $35.58 after the company agreed to buy Micromania, a video game retailer in France, for $700 million in cash from a private equity fund. Shares of Hewlett-Packard ( HPQ) tumbled 2.1% to $45.28 after the computer maker said it would acquire LeftHand Networks, a privately held maker of storage virtualization products, for $360 million. Shares of Informatica ( INFA) climbed 2.7% to $13.34 after Roth Capital upgraded the stock to a buy from a hold. Micron ( MU) was up 11.5% to $4.51 in anticipation of its fourth-quarter earnings after the closing bell. Analysts expect the company to post a loss of 24 cents a share on sales of $1.54 billion. Shares of Alcatel-Lucent ( ALU) were up 4.4% to $4.01 after Goldman Sachs raised its rating to conviction buy from neutral, noting that the shares are trading 30% below their trough valuations.
The firm lowered its rating on Ericsson ( ERIC) to sell from hold, sending shares down 5.5% to $8.91. Goldman expects declines in emerging market capital expenditure and potentially big losses for its mobile handset venture, SonyEricsson.