Tech stocks were mostly lower Wednesday, following disappointing earnings reports from GPS-based navigation systems maker
and video-game maker
Shares of Garmin plunged $8.64, or 19.2%, to $36.42 and fell to its 52-week low after it
delayed the launch
of its nuvifone smartphone device from the third quarter to next year and lowered its full-year profit and revenue guidance. For its second quarter, Garmin reported EPS, excluding charges of 93 cents, while analysts were looking for a profit of $1 a share. Revenue rose 23% to $912 million but fell short of Wall Street's estimates of $956.4 million.
gained 75 cents, or 3.9%, to $19.93 after it reported its second-quarter earnings. The company's net income rose to $632 million, or 21 cents a share, from $588 million, or 19 cents a share, in the same quarter a year ago. But that was lower than the average analyst estimate of 23 cents. Revenue rose 11% to $8.55 billion, slightly ahead of consensus estimates of $8.54 billion. Comcast reaffirmed its 2008 revenue guidance and operating cash flow growth of 8% to 10%.
RF Micro Devices
was up 36 cents, or 12.4%, to $3.27 after it
for the fiscal first quarter though it swung to a loss. Sales increased 14% to $240.5 million and came slightly short of the average analyst expectation of $236.9 million. RF Micro Devices showed significant progress in its turnaround plan and said it was ahead of schedule on many of its cost-cutting initiatives.
Video-game publisher Electronic Arts fell $3.62, or 7.6%, to $43.78 after
analysts' expectations for the first quarter. Excluding charges, EA reported a loss of $135 million, or 42 cents a share, compared with a loss of $69 million, or 22 cents a share, a year ago. Revenue rose 41% to $609 million from $431 million a year ago. Analysts polled by
were expecting a loss of 34 cents a share on revenue of $639.8 million.
shed 82 cents, or 3.8%, to $20.50 after it offered a third-quarter sales outlook below Street expectations. For the second quarter, Corning reported earnings, excluding items, of 49 cents a share, in-line with analysts' expectations. Sales rose 19% to $1.69 billion but fell shy of consensus estimates of $1.72 billion.
was down 51 cents, or 3.1%, to $15.90 ahead of its first-quarter earnings report. Analysts are expecting a loss of 38 cents a share on revenue of $121.11 million vs. a loss of 9 cents a share no revenue of $104.49 million, a year ago. For the second quarter, analysts expect EPS of 12 cents on revenue of $229.27 million, compared with a loss of 3 cents a share on revenue of $229.35 million the year before.
lost 33 cents, or 1.8%, to $17.62 after
Wall Street estimates for the second quarter but reported a huge loss. The company swung to a loss of $421.6 million, or $1.51 a share, compared to earnings of $94.6 million, or 31 cents a share, a year ago. Excluding certain items, IAC would have earned 35 cents a share, beating analysts' expectations for 31 cents a share. Revenue in the second quarter grew 7% to $1.6 billion, in line with estimates.