Juniper Networks beat estimates and raised guidance after the close on Thursday, but investors sold the stock anyway.
Juniper’s earnings of 13 cents a share beat 11-cent estimates, and $375 million revenues topped analysts’ $370.4 million forecasts. Gross margins were 70%, in line with guidance.
The company predicted fourth-quarter earnings of 14 cents a share, a penny better than expected, and revenue guidance of $405-415 million bested $402.3 million forecasts.
But investors were looking for even better results from the networker, sending the stock 7% lower after hours.
Also after the close, Sun beat expectations with a break-even quarter, but revenues came in a little lighter than expected. Netflix
beat estimates, but declined to provide guidance, saying it expects competition to become tougher, including possible competition from Amazon.com
. Rambus
beat estimates, Cree
reported mixed results, and CNET
, Photon Dynamics
and Fairchild Semi
warned.
Stocks fell sharply during the day on a GM earnings miss, rising oil prices and worse than expected jobless claims and trade deficit reports. An investigation into the insurance industry accelerated the sell-off.
The Nasdaq lost 17 to 1903, the S&P 500 fell 10 to 1103, and the Dow tumbled 107 to 9894. Volume declined to 1.49 billion shares on the NYSE, and 1.6 billion on the Nasdaq. Decliners led 19-13 on the NYSE, and 21-9 on the Nasdaq. Downside volume was 70% on the NYSE, and 69% on the Nasdaq. New highs-new lows were 56-64 on the NYSE, and 46-59 on the Nasdaq.
Apple soared 13% on blow-out results and guidance. Audible
jumped 16% on the news.
Nokia climbed 2% on better than expected results.
Novellus and QLogic
fell on lukewarm guidance.
Sandisk plunged after missing estimates.
Unisys and Lam Research
slipped on their results, while Iona
gained 8% after beating estimates.
