Equity Movers: Altera, Apple, SGI, Yahoo
Altera, Apple Computer, Daleen Technologies, SGI, StorageTek, Xerox, Xilinx and Yahoo are expected to move the markets Tuesday.
Altera (ALTR): The maker of programmable-logic chips was downgraded to "outperform" from "buy" by Salomon Smith Barney analyst Clark Westmont and to "neutral" from "outperform" by Lehman Brothers analyst Daniel Niles. Shares of Altera fell $9.19, or about 22 percent, to $31.69.
Apple Computer (AAPL): The seller of Macintosh computers said Monday that Mitch Mandich, senior vice president of worldwide sales, will retire from the company at the end of December. Shares of Apple rose 31 cents, or about 1 percent, to $22.06.
Daleen Technologies (DALN): The software maker said it expects to lose less than 30 cents a share. Analysts polled by First Call/Thomson Financial expected the company to lose 32 cents. Shares of Daleen rose $1.25, or almost 13 percent, to $11.
SGI (SGI): The maker of high-end computer workstations said Monday it will buy back as many as 50 million shares and sell some assets to focus on more profitable businesses. SGI also said it expects a loss of 28 cents to 30 cents per share in its fiscal first quarter, ended Sept. 30. Analysts polled by First Call expected the company to lose 14 cents a share. Shares of SGI fell 25 cents, or about 6 percent, to $3.63.
StorageTek (STK): The maker of data-storage devices said Monday it expects third-quarter earnings to be adversely affected by equipment shortages. Revenue is expected to be between $465 million and $480 million. Shares of the company fell $1.50, or about 12 percent, to $10.75.
Xerox (XRX): The world's No. 1 copier company said Monday it cut its quarterly dividend to 5 cents per share from 20 cents per share. The company said the dividend cut will reduce its cash requirement by about $400 million on an annualized basis. Shares of Xerox rose 31 cents, or almost 3 percent, to $10.75.
Xilinx (XLNX): The maker of programmable-logic chips was downgraded to "neutral" from "outperform" by Lehman Brothers analyst Daniel Niles and to "outperform" from "buy" by Salomon Smith Barney analyst Clark Westmont. Shares of the company fell $18.63, or about 23 percent, to $60.50.
Yahoo (YHOO): The company will announce its earnings Tuesday after the close of the market. Analysts expect revenues of $275 million to $290 million for the quarter. Shares of Yahoo rose $2.81, or about 3 percent, to $88.56.