Ericsson, Riverbed, Netflix: Pre-Market Movers
By James Rogers - 04/23/12 - 9:08 AM EDT
NEW YORK (TheStreet
) -- Ericsson
was one of tech's big laggards before market open as the Swedish firm's shares fell nearly 3% to $9.28.
ST-Ericsson, the chip joint venture of Ericsson and STMicroelectronics
plans to make a major strategic announcement later today.
Citing an ST-Ericsson spokeswoman, Reuters reports
that the announcement was pushed back from "before market open" to the afternoon, European time, for a "technical reason."
The announcement is expected to detail site closures and jobs cuts, and could include seeking a partner for application processors, according to Reuters
Ericsson was one of the most active Nasdaq stocks before market open with volume reaching 260,500.
was another laggard in pre-market trading on Monday as investors continued to digest the company's latest quarterly results
, released last week.
The networking specialist fell short of Wall Street's revenue forecast in its first-quarter results, released late on Thursday. Riverbed shares slipped 2.07% to $19.44 before market open on Monday.
Riverbed from 'buy' to 'hold' on Monday, citing the stock's generally disappointing performance, unimpressive growth in net income and "premium valuation."
Video company Netflix
, which reports its first-quarter results after market close, was down 0.69% to $105.38.
, which also reports first-quarter results on Monday, was down 0.55% to $32.29.
, which is on deck to report second-quarter results after market close on Tuesday, was down 0.21% to $571.80. Apple was also an active Nasdaq stock on share volume of 161,220.
--Written by James Rogers in New York.
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