Sellers targeted the tech sector Wednesday and handed the major averages a loss, with investors' worries accentuated by a Fed report uncovering a weak economy.
Market participants also appeared to be catching their breath after Tuesday's late-day reversal in which stocks overcame a large deficit at warp speed.
"The hesitancy we're seeing reflects the growing fear that the economic recovery keeps drifting out of reach. The short-term outlook remains very weak. [But] the Fed turned the spigot wide-open so you have to believe things will get better "Tech shares continued to feel the heat after hours Wednesday, as warnings from Ingram Micro, Quantum and Silicon Storage Technology hit the wire after the closing bell.
Quantum said its first-quarter earnings will be in the range of 10 cents to 12 cents a share, excluding one-time items. Analysts polled by First Call were expecting a profit of about 17 cents a share. Revenue will be in the range of $265 million to $275 million, compared with $309 million in the previous quarter.
The company noted weakness in both the U.S. and European markets.
Silicon Storage Technology
warned investors that its second quarter would miss the current consensus estimate on Wall Street. The company anticipates the per-share figure to be between breakeven and 3 cents, while analysts anticipated a profit of 6 cents. The distributor of flash memory semiconductor devices cited excess inventory with its customers and a continuing slowdown in new orders.
Revenue will be between $60 million and $68 million. Analysts had been expecting revenue of $90.7 million.
Shares of software firm Micromuse , which slid nearly 20 percent on the Nasdaq, dropped another 5 percent to $33.49 on the Island ECN.
Chief executive Gregory Brown made cautious remarks while speaking at the Bear Stearns' Technology Conference
Dell Computer Chairman and CEO Michael Dell has registered to sell 10 million shares of his Texas-based computer company, according to documents filed with the SEC.Dell reported direct holdings of roughly 300 million shares, according to the filing
Market participants also appeared to be catching their breath after Tuesday's late-day reversal in which stocks overcame a large deficit at warp speed.
"The hesitancy we're seeing reflects the growing fear that the economic recovery keeps drifting out of reach. The short-term outlook remains very weak. [But] the Fed turned the spigot wide-open so you have to believe things will get better "Tech shares continued to feel the heat after hours Wednesday, as warnings from Ingram Micro, Quantum and Silicon Storage Technology hit the wire after the closing bell.
Quantum said its first-quarter earnings will be in the range of 10 cents to 12 cents a share, excluding one-time items. Analysts polled by First Call were expecting a profit of about 17 cents a share. Revenue will be in the range of $265 million to $275 million, compared with $309 million in the previous quarter.
The company noted weakness in both the U.S. and European markets.
Silicon Storage Technology
warned investors that its second quarter would miss the current consensus estimate on Wall Street. The company anticipates the per-share figure to be between breakeven and 3 cents, while analysts anticipated a profit of 6 cents. The distributor of flash memory semiconductor devices cited excess inventory with its customers and a continuing slowdown in new orders.
Revenue will be between $60 million and $68 million. Analysts had been expecting revenue of $90.7 million.
Shares of software firm Micromuse , which slid nearly 20 percent on the Nasdaq, dropped another 5 percent to $33.49 on the Island ECN.
Chief executive Gregory Brown made cautious remarks while speaking at the Bear Stearns' Technology Conference
Dell Computer Chairman and CEO Michael Dell has registered to sell 10 million shares of his Texas-based computer company, according to documents filed with the SEC.Dell reported direct holdings of roughly 300 million shares, according to the filing
