Tech stocks were down slightly Tuesday, despite a huge gain by Chinese Web site
on a bullish analyst's comments.
JPMorgan initiated coverage of the stock with an overweight rating, as analyst Dick Wei said shares could rise to $400 by the end of next year, as Chinese Internet usage increases, according to the
. Baidu.com shares were adding $35.77, or 12.6%, to $320.58.
GPS device maker
, however, continued to slide after Monday's news that phone maker
was buying digital mapmaker
for $8.1 billion. Garmin is Navteq's biggest client. Shares fell $7.02, or 6.6%, to $100.21.
Garmin was the biggest decliner on the Nasdaq 100, which was lower by 1.08 points to 2115.89.
Telecom equipment provider
jumped 9% after offering a
strong fourth-quarter outlook. At an analyst event in New York, Ciena raised its fiscal fourth-quarter gross margin guidance to a range of 47% to 49% from the previous mid-40% range. The company didn't update its sales and profit targets. Shares were gaining $3.52 to $42.69.
was losing 12.6% after the content management software provider disappointed investors with its third-quarter revenue guidance. The company sees third-quarter revenue of between $42 million and $44 million, below Wall Street's expectation of $48 million. The company expects non-GAAP net income of between 16 cents and 21 cents a share, vs. analysts' expectation of 19 cents a share. The company blamed the shortfall on disappointing licensing revenue. Shares were losing $2.57 to $17.77.
shares were tumbling 16.7% a day after the chipmaker announced lower than expected third-quarter revenue. Expectations for revenue are now between $7 and $7.4 million, as compared to previous estimates between $9.3 and $10.4 million. The stock tumbled 23 cents to $1.15.