Expect the following technology stocks to be among Tuesday's most actively traded issues: Apple, SGI and Yahoo!. Apple Computer (Nasdaq: AAPL)
Apple Computer should be active Tuesday after announcing late Monday that Mitch Mandich, its senior vice president of worldwide sales, will be retiring from the company at the end of December.
The PC maker said Tim Cook, senior vice president of operations, will assume Mandich's responsibilities until a successor is named.
"Mitch has been a key member of Apple's senior management team during the past three years, and has led our sales efforts with vigor and integrity," CEO Steve Jobs said in a prepared release. "Mitch plans to retire and spend more time with his family. We will miss him."
Apple shares closed off 44 cents to $21.75 Monday, just a tad higher than its 52-week low set in September after it warned that its fourth-quarter sales and earnings will fall dramatically short of analysts' estimates. SGI (NYSE: SGI)
Another quarter, another warning from workstation manufacturer SGI.
On Monday, the company said it will report a wider-than-expected loss in its first quarter.
SGI said it expects to lose about $55 million, or 28 cents to 30 cents a share.
First Call Corp. consensus pegged it for a loss of 14 cents a share in the quarter.
It also said it plans to repurchase up to 50 million shares through December 2002, and instill a new operating model.
First quarter reported revenue will be about $420 million, lower than the $500 million expected, SGI said. The company blamed the revenue disappointment on a materials shortage, mainly wafer starts and ceramic packaging for ASICs. SGI expects a first quarter backlog of about $370 million, or $70 million higher than the end of June, and about $120 million more than the company wants.
SGI shares finished up 6 cents to $3.88 Monday. Yahoo! (Nasdaq: YHOO)
The Internet bellwether will be active ahead of its third-quarter earnings report after the bell Tuesday.
Analysts are expecting a profit of 12 cents a share in the quarter.
While Yahoo! is expected to meet the estimate, there's no reason to believe it will shatter sales and earnings estimates as it has for most of its public life.
On Friday, Merrill Lynch analyst Henry Blodget said he was expecting a "solid but less robust" earnings report.
Yahoo! and other Internet stocks have been abused for most of the year as fledgling online companies continue to go under and online advertising sales swoon.
Yahoo! shares ended up $4.59 to $85.75 Monday.