NEW YORK (TheStreet) -- LinkedIn (LNKD) plunged after cutting its second-quarter forecast and a number of analysts lowered their price targets. Intel (INTC) climbed higher after reaching a standstill agreement with rival Altera (ALT). FireEye (FEYE) soared on its earnings beat and increased revenue forecast for the year.
LinkedIn plummeted 18.6% to $205.21 on a day when the broader markets rose.
The social media networking site took a substantial hit with its investors after lowering its expectations for the second quarter. LinkedIn now anticipates net earnings of 28 cents on revenue ranging between $670 million and $675 million. Analysts, according to a USA Today report, had been expecting earnings of 74 cents on revenue of $717.5 million.
A number of analysts cut their LinkedIn price target, including Cantor Fitzgerald that lowered it to $245 a share from $280, according to an Investor's Business Daily report. The report also pointed to four problems that led to the cut forecast -- LinkedIn's salesforce reorganization, display advertising slowdown, foreign currency challenges and merger integration of its Lynda.com acquisition.
Credit Suisse also cut its target to $307 a share from $331. In the Credit Suisse report, according to Investor's Business Daily, analyst Stephen Ju wrote: "Three out of four factors are ultimately transitory, while the deterioration of LinkedIn's premium display business is not an unfixable problem."