Tech stocks declined on Tuesday after a round of disappointing reaction to earnings reports and outlooks. Powerwave Technologies, Inc. (NASDAQ:PWAV) was the biggest loser in the tech sector a day after it filed for Chapter 11 bankruptcy protection.
Sanmina Corp (NASDAQ:SANM) tumbled 21.70% after earnings miss. [article_detail_ad_1]
VMware, Inc. (NYSE:VMW) faced new low after weak guidance.
Lexmark International Inc (NYSE:LXK) dropped $4.21 on lower-than-expected profit.
OCZ Technology Group Inc. (NASDAQ:OCZ) lost 14.55% after Traders Insight issued new research report, trimming gains it saw after adding New 750W and 850W power supply models to its PC Power & Cooling Silencer Mk III portfolio.
Seagate Technology PLC (NASDAQ:STX) dropped $3.50 or 9.36% on sharp profit decline. The news also sent shares of other data storage companies including Western Digital Corp. (NASDAQ:WDC), Fusion-IO, Inc. (NYSE:FIO) and Micron Technology, Inc. (NASDAQ:MU) down.
Zynga Inc (NASDAQ:ZNGA) turned red, losing about 8.5% after new that Chief Game Designer Brian Reynolds is leaving the company.
Facebook Inc (NASDAQ:FB) declined 5.17% a day before its earnings release late Wednesday. Sterne Agee analysts anticipate the social media firm to report strong fourth-quarter results.
EMC Corporation (NYSE:EMC) fell 4.05% on above-normal volume of 133.5 million shares after issuing FY 2013 outlook below Wall Street projections.
Research In Motion Limited (USA) (NASDAQ:RIMM) traded actively down a day before the launch of BlackBerry smartphone handsets, which is seen as a last chance for the company to regain some momentum in the smartphone market.
Hewlett-Packard Company (NYSE:HPQ) decreased 3.17% after Information security researcher Sebastian Guerrero highlighted the feasibility of several vulnerabilities in the company’s JetDirect print server software.
Despite hitting new high after results, Yahoo! Inc. (NASDAQ:YHOO) closed lower after RBC Capital analyst Mark Mahaney needs to be bolder.
Alcatel Lucent SA (ADR) (NYSE:ALU) and Juniper Networks, Inc. (NYSE:JNPR) both declined after a Seeking Alpha article mentioned many indicators that support Cisco being the best-positioned to remain the sector leader in the future.
More on the flip side, Xerox Corporation (NYSE:XRX), Nokia Corporation (ADR) (NYSE:NOK), Brocade Communications Systems, Inc. (NASDAQ:BRCD), JDS Uniphase Corp (NASDAQ:JDSU) and QUALCOMM, Inc. (NASDAQ:QCOM) all ended in red.