Equity Movers: Intel, Priceline, Ask Jeeves, Emulex
Intel, Priceline.com, PC Connection, Ask Jeeves, CDW Computer Centers, Emulex and Quantum are among the companies expected to move in the markets Friday.
Intel (INTC): The chipmaker warned late Thursday that fourth-quarter revenue will be flat or possibly below the $8.7 billion the company reported in the third quarter because of large cancellations and a slowing economy. Shares of Intel fell $2.28, or 7 percent, to $34.59 in morning trading.
Priceline.com (PCLN): The name-you-own-price online retailer said Thursday it laid off 48 employees and will postpone the introduction of new services. Priceline also said it abandoned talks with Softbank to create a Priceline affiliate in Japan. Shares of Priceline rose 22 cents, or nearly 12 percent, to $2.09.
PC Connection (PCCC): The direct marketer of personal computers warned its fourth-quarter net income is expected to be 21 cents to 24 cents a share, short of the 42-cent consensus estimate of analysts polled by First Call/Thomson Financial. Shares of PC Connection fell $5.19, or almost 30 percent, to $12.31.
Ask Jeeves (ASKJ): The Internet search service warned it expects a fourth-quarter loss from continuing operations, excluding amortization and other non-cash costs, of $18 million, or 50 cents a share. Analysts polled by First Call expected the company to lose 33 cents per share. The company also announced that chief executive Rob Wrubel will step down. Shares of Ask Jeeves fell $4.81, or about 50 percent, to $4.88.
CDW Computer Centers (CDWC): The computer seller warned it expects to earn 40 cents to 42 cents a share in the fourth quarter, less than the 50-cent average estimate of analysts surveyed by First Call. Shares of CDW fell $7.50, or nearly 20 percent, to $31.56.
Emulex (EMLX): The maker of computer cards that speed data transmission said it will buy closely held computer networking company Giganet for about $645 million. Shares of Emulex rose $12.69, or about 8 percent, to $168.
Quantum (HDD): The disk drive maker warned that its fiscal third-quarter revenue will fall below expectations. Despite the shortfall, the company said it expects to reduce its net loss by more than half from the loss of 25 cents a share, excluding a special charge reversal, that it reported for its second quarter, which ended in September. Shares of Quantum were unchanged at $8.88.