Updated from 11:40 a.m. EDT
Tech stocks moved lower Thursday, weighed by several companies that reported poor earnings.
tumbled 16.6% after the maker of networking gear posted in-line fourth-quarter earnings but warned that first-quarter earnings would be below Wall Street's forecast. The company reported adjusted fourth-quarter earnings of $114.2 million, or 30 cents a share, on revenue of $801.2 million. Analysts polled by Thomson Financial expected earnings of 30 cents a share on revenue of $798.5 million.
Looking ahead, Network Appliance sees first-quarter adjusted earnings of 24 cents to 25 cents a share on a sequential revenue decline of 6% to 7%, or revenue of $745 million to $753 million. Analysts project earnings of 31 cents a share on revenue of $814.4 million. Shares closed down $6.30 to $31.76.
slumped 9.2% after the maker of electronic components posted disappointing first-quarter results. The company earned $4 million, or 11 cents a share, on revenue of $163.3 million. Excluding items, the company earned 13 cents a share. Analysts expected earnings of 15 cents a share on revenue of $163.9 million.
Looking ahead, CTS now sees full-year earnings of 71 cents to 75 cents a share, down from an earlier forecast of 76 cents to 80 cents a share. CTS now predicts revenue growth of 5% to 8%, down from earlier guidance of 7% to 10%. Shares were down $1.24 to $12.26.
fell 10.3% after the software company posted better-than-expected second-quarter results but warned that third-quarter earnings would trail expectations. The company posted adjusted earnings of $53.2 million, or 35 cents a share, on revenue of $292.9 million. Analysts expected earnings of 28 cents a share on revenue of $292.1 million.
Looking ahead, Synopsys sees third-quarter earnings of 28 cents to 31 cents a share on revenue of $295 million to $305 million. Analysts project earnings of 33 cents a share on revenue of $300.4 million. Shares closed down $2.91 to $25.39.
( KOMG) tumbled 15.8% after the disk-drive component maker cut its second-quarter revenue guidance. The company now expects revenue to be below previous guidance of $228 million to $233 million. Analysts project revenue of $231 million. "Market pressures have negatively affected both unit volumes and average selling prices," the company said. "In addition, the transition to perpendicular magnetic recording media, new product qualifications, the continued high costs of precious metals, and lower factory utilization will result in significantly reduced operating results." Shares closed down $4.36 to $23.18.
vaulted 35.3% after the gaming technology company posted a first-quarter profit. The company earned $308,000, or 3 cents a share, on revenue of $9.3 million. During the year-earlier quarter, the company earned $801,000, or 7 cents a share, on revenue of $6.7 million. ''I am glad to see our turnaround strategy is beginning to show profits as our venture into gaming technology has resulted in our first profitable quarter in the gaming technology business," the company's chief financial officer said. Shares closed up $1.39 to $5.32.
As for the broader technology sector, the
was down 29.81 points to about 1874.60.