Tech. Stocks Retreat, Google Falls over 3% (GOOG, IGTE, ARCW, INFY, RFMI, CTS)
Technology stocks slid Friday with the broader market after gaining in the past couple of trading sessions. Google Inc (NASDAQ:GOOG) and Infosys Ltd ADR (NASDAQ:INFY) are among the top losers after reporting their quarterly earnings.
Google Inc (NASDAQ:GOOG) slipped 3.21% to $630.24 after the company reported a surge in its first quarter earnings and also plans to create a new class of stock. The company posted a first quarter profit of $2.89 billion, or $8.75 a share, as compared to $1.8 billion, or $5.51 a share, in the year-ago period.
Excluding stock-based compensation, per-share profit rose to $10.08 from $8.08, well above analyst estimate of $9.65. Total revenue was up 24% to about $8.14 billion, slightly lower than the $8.15 billion expected by analysts after meeting traffic-acquisition costs which represented 25% of advertising revenue.
iGATE Corporation (NASDAQ:IGTE) increased 8.97% to $18.71. The Company has agreed to pay 520 rupees ($10.18) per share to buy the part of Indian outsourcing company Patni Computer Systems.
The Company reported first quarter net income of $17 million or 22 cents per share compared to $15.2 million or 22 cents per share in the prior year period. Revenue rose more than three-fold to $263.3 million.
ARC Wireless Solutions (NASDAQ:ARCW) surged up 21.35% to $3.58. The board of directors of ARC Wireless Solutions has signed definitive agreements to purchase Advanced Forming Technology and Quadrant Metals Technologies LLC. The total deal value is around $74.4 million and will change its name to reflect its transformation to a diversified manufacturing holding company.
Infosys Ltd ADR (NASDAQ:INFY) shares slumped 13.33% to $49.20 after the Company announced fourth quarter results. Revenues increased 10.5% to $1,771 million. Net income after tax rose 15.2% to $463 million. Earnings per American Depositary Share were $0.81 for the fourth quarter.
RF Monolithics Inc (NASDAQ:RFMI) jumped up 74.62% to $1.72. RF Monolithics Inc has reached a definitive agreement to be acquired by Murata Electronics North America Inc for $1.78 per share. The acquisition may complete in the third calendar quarter of 2012.
CTS Corporation (NYSE:CTS) decreased 1.61% to $10.40 after the Company provided the guidance for first quarter and fiscal year 2012. The Company expects diluted earnings per share of approximately $0.05-$0.07. The Company estimates for fiscal year 2012 diluted earnings per share to remain unchanged in the range of $0.75-$0.80. However, analysts on an average are expecting the Company to report EPS of $0.16 for first quarter of 2012 and EPS of $0.78 for fiscal 2012.