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."
Intel climbed 2.7% to end the day at $33.42.
The chip giant received a boost after reports surfaced late Thursday that Intel has the option to make a hostile bid for programmable chip maker Altera once June 1 rolls around. Intel, according to a Reuters report, entered into a standstill agreement earlier this year with Altera, once the two companies began negotiating a buyout.
But the talks broke down when Altera reportedly rejected Intel's $54 a share buyout bid in April, after months of negotiations, according to Reuters.
Intel is eyeing Altera for its chips that are widely used in cellphone towers, as well as by the miliatry and other industrial applications.
FireEye soared 4.9% to close the session at $43.31.
The security software maker surged after raising its revenue forecast for the year to $615 million to $635 million. Previously, FireEye had estimated its revenue for the year would come in at $605 million to $625 million.
In raising its forecast, the company attributed it to businesses and governments bumping up their security budgets as cybersecurity threats continue to increase.
Stephens raised its FireEye price target to $43 a share from $45, according to a report in Benzinga.