Tech stocks spent another day in the red, showing no signs of recovery after Treasury Secretary Henry Paulson cautioned on Wednesday that the financial system in the U.S. remains fragile. The Nasdaq sank 58 points, or 3.7%, to 1523 in recent trading. Shares of JA Solar ( JASO) tumbled 27.8% after the company issued fourth-quarter and full-year revenue forecasts that fell well short of analysts' expectations. The maker of solar cells expects fourth-quarter revenue between $191.5 million and $220.9 million. For the year, JA Solar sees revenue between $1.5 billion and $1.7 billion. Analysts polled by Thomson Reuters expect $371.4 million in fourth-quarter revenue and $1.73 billion for 2009. NetApp ( NTAP) shares fell 6.6% to $10.91 on Wednesday in anticipation of the company's second-quarter earnings results after the closing bell. Analysts have been down on the stock recently. RBC Capital Markets cut its 2009 revenue estimate for the company, and trimmed its price target to $21 from $23. Calyon Securities also knocked down its price target to $14 from $19. Wall Street expects NetApp to post earnings of 27 cents a share in the second quarter on revenue of $905 million. Shares of ConcurTechnologies ( CNQR) got a boost on Wednesday, climbing 7.8% to $21.87 after beating Wall Street expectations in the fourth quarter. The business software company reported fourth-quarter revenue of $57.5 million, topping analysts' expectations of $56.6 million. Concur expects full-year revenue to grow 25% to $269 million, compared with the average analyst estimate of $264.4 million, according to Thomson Reuters.
Shares of Orbitz ( OWW) fell 5.7% to $3 0.18 after Goldman Sachs downgraded the stock to sell from neutral. The firm noted that Orbitz's online gross bookings grew slower than competitors like Expedia ( EXPE) and Priceline ( PCLN). Shares of Research In Motion ( RIMM) tumbled 5.6% to $43.31 after RBC Capital cut its earnings estimate for the year to $3.58 a share from $3.62 a share. The firm also trimmed its full-year revenue estimate to $11.1 billion from $11.3 billion amid deteriorating macro demand and increased competition.