Tech: Sprint Nextel Falls 3% (BIDU, NOK, S, INFA, AMAT)
Baidu.com Inc (ADR) (NASDAQ:BIDU) went up 0.06% to $112.25 on a traded volume of 371k shares. The Company said that the U.S. court to dismiss a lawsuit by Chinese-Americans who said the Internet Company “censored” their articles on the pro-democracy movement in China.
Jefferies Group lowered the rating on Baidu.com from buy to hold in a research. The firm has $125.00 target price on the stock.
Nokia Corporation (ADR) (NYSE:NOK) went down 0.19% to $2.65 on traded volume of 8.77 million shares. AT&T T is set to be the first Company to sell Nokia Corp’s Windows-running Lumia 920 and Lumia 820 smartphones in the U.S.
Sprint Nextel Corporation (NYSE:S) declined 2.88% to $5.05 on a traded volume of 22.18 million shares. Baird lowered Sprint to underperform from neutral and the price target is set at $3. This indicates long-term competitive concerns, a potentially stronger competitor in T-Mobile, balance sheet challenges.
Informatica Corporation (NASDAQ:INFA) plunged 23.55% to $25.70 after the Company announced preliminary financial results for the third quarter. The Company expects total revenues for the third quarter of 2012 to be in the range of $189 million to $191 million. License revenues are expected to be in the range of $65 million to $67 million and service revenues are expected to be in the range of $123 million to $125 million. Earnings per share are expected to be in the range of $0.13 to $0.15 per diluted share.
Applied Materials Inc (NASDAQ:AMAT) went down 0.36% to $11.12 on a traded volume of 2.14 million shares. The Company intends to cut 900 to 1,300 positions or 6% to 9% of its global workforce. This will done be by the second half of next year as part of a plan it hopes will save up to $190 million a year. The Company said that the move should free up $140 million to $190 million a year, which Applied will use to fund key growth initiatives.