MIDDAY MARKETS: Turnstone, VA Linux plunge
The Inter@ctive Week @Net Index was unchanged at 463.18.
Turnstone Systems Inc. (Nasdaq: TSTN) said it is lowering its revenue estimate for the fourth quarter ending Dec. 31, due to increased weakness among its competitive local exchange carrier (CLEC) customers and recent changes to their capital spending plans. Shares in the company tanked, falling 17.06 to 12.44.
Citing slow sales growth from dot-com customers, VA Linux Systems (Nasdaq: LNUX) warned investors Monday that first quarter results would fall short of expectations. Shares plunged 11.94 to 18.06. Red Hat (Nasdaq: RHAT) fell 1.06 to 15.94.
Broadcom Corp. (Nasdaq: BRCM) will acquire networking chip maker SiByte Inc. in a deal worth up to $2 billion. Shares in Broadcom dipped 2.81 to 219.56.
InfoSpace Communications Inc. (Nasdaq: INSP) said Monday that it will buy privately–held Locus Dialogue in a move to bring voice recognition capabilities to the buyer’s wireless devices. The deal is expected to be worth between $103 million to $132 million. Share in InfoSpace slipped 0.69 to 23.5.
Comcast Corp. (Nasdaq: CMCSK) said Monday third quarter revenue was up 23 percent over last year's, and net income rose as it included the results from the companies it purchased earlier in the year. The company’s shares dropped 0.38 to 39.94.
Cypress Semiconductor (NYSE: CY) said it had surpassed $1 billion in revenues for the current year. The company estimates its annual revenue run-rate at about $1.6 billion. Its shares bumped up 1.94 to 39.63.
Amazon (Nasdaq: AMZN) dropped 1.69 to 35.88, AOL (NYSE: AOL) gained 1.32 to 54.75 and Yahoo! (Nasdaq: YHOO) fell 2.44 to 66.31.
Among other leading tech issues: Cisco (Nasdaq: CSCO)dropped 0.44 to 56.31, Intel (Nasdaq: INTC) rose 1.00 to 46.94. Microsoft (Nasdaq: MSFT) was up 1.56 to 69.81 and Oracle (Nasdaq: ORCL) shed 1.31 to 29.