3Com, Red Hat, Xilinx, Nokia, DoubleClick, Excite@Home and LSI Logic are the companies expected to move in the markets Tuesday.
3Com (COMS): The maker of networking equipment said earnings and revenue would fall short of expectations. For the second quarter ended Dec. 1, 3Com said it expects to report revenue of $785 million to $800 million, down from a previous forecast of $870 million to $910 million. Per-share net loss should be in the range of 19 cents to 23 cents, compared with the previous forecast of a loss of 7 cents to 9 cents. Shares of 3Com slid $3.53, or about 26 percent, to $9.84 in morning trading.
Red Hat (RHAT): The seller of Linux software and services closed three offices and laid off 20 employees Monday. The company said the layoffs aimed to prevent work duplication following nine acquisitions in the past year. Shares of Red Hat rose 41 cents, or about 6 percent, to $6.75.
Xilinx (XLNX): The chipmaker warned Monday that revenue for the third fiscal quarter will grow only 5 percent to 7 percent from the second quarter, compared with a previous growth estimate of 12 percent. Shares of Xilinx fell 81 cents, or nearly 2 percent, to $40.88.
Nokia (NOK): The cellular phone maker said it expects to have 1 billion cellular phone customers by the first half of 2002, six months ahead of previous forecasts. The company also extended its revenue growth projections of 25 percent to 35 percent through the year 2003. Shares of Nokia were unchanged at $44.56.
DoubleClick (DCLK): The Internet advertising company plans to cut its work force by less than 10 percent, the latest sign of trouble for the online advertising industry. The company will lay off between 100 and 150 employees out of a total staff of 2,100. Shares of DoubleClick rose 25 cents, or 2 percent, to $12.25.
Excite@Home (ATHM): The provider of high-speed Internet service scrapped plans Monday to partner with UnitedGlobalCom (UCOMA) to create a new broadband company, Excite Chello. UnitedGlobalCom told Excite@Home that it was unable to complete the transaction as planned because of market conditions. Shares of Excite@Home rose 22 cents, or nearly 4 percent, to $6.09. Shares of UnitedGlobalCom fell $1, or nearly 7 percent, to $13.50.
LSI Logic (LSI): The maker of custom semiconductors said its fourth-quarter earnings will be 34 cents a share. It had earlier projected 36 cents. Shares of LSI gained 1 cent, or nearly 1 percent, to $18.20.