Tech stocks continued their climb on Thursday, helped by a narrower-than-expected decline in the GDP in the third quarter, which boosted the rest of the market. The Nasdaq rose 35 points, or 2.1%, to 1693 in recent trading. Shares of Symantec ( SYMC) plunged 16% to $12.45 one day after the company posted a second-quarter earnings beat but fell well short of third-quarter revenue expectations. The company sees third-quarter revenue between $1.45 billion and $1.5 billion, and earnings between 30 and 33 cents, excluding charges. Analysts were expecting third-quarter revenues of $1.61 billion and earnings of 36 cents. Shares of Alcatel-Lucent ( ALU) were soaring 11.7% to $2.58 after the company narrowed its losses in the third quarter and reaffirmed guidance for the year. The company reported a loss of 40 million euros ($52.9 million) as sales fell and the company recorded charges of 81 million euros related to the Alcatel-Lucent business combination. Alcatel-Lucent said that its profitability remains "unsatisfactory" but reiterated its outlook for the year, expecting revenue to be down in the low- to mid-single-digit range. Motorola ( MOT) shares slipped 5.5% to $5.16 after the company swung to a third-quarter loss and lowered its outlook for the year. The handset maker reported a loss of $397 million, or 18 cents a share, in the third quarter compared with a profit of $60 million, or 3 cents a share, in the year-ago period. Excluding one-time items, Motorola had a profit of 5 cents a share. Sales for the first quarter were down 15% to $7.48 billion, down 15% from a year earlier. For the full year, it now expects to book a profit of 5 cents a share to 7 cents a share, down slightly from its previous forecast.
Shares of Brocade ( BRCD) jumped 3.8% to $3.67 after it lowered its purchase price of Foundry Networks ( FDRY) by $400 million. The data-storage specialist, W had agreed to acquire Foundry for $3 billion in July but announced late Wednesday that it would cut the amount to $2.6 billion. Shares of Foundry were up 15.7% to $15.04 in recent trading. Expedia ( EXPE) shares plummeted 15.2% to $10.18 after falling a penny short of Wall Street earnings expectations. The online travel site also cautious views going forward, noting that the softness that it saw at the end of the second quarter in the U.S. and U.K. has since spread globally. Shares of EMC ( EMC) were up 6.4% to $11.18 after hedge fund Pershing Square Capital Management revealed in an SEC filing that it holds 39.9 million shares, or about a 2% stake in the company.