Tomahawk, WI 9/23/2011 (PennyPayDay) – San Jose, Calif.-based networking chipmaker Cavium lowered its revenue outlook, citing weak enterprise and software services demand.The company now expects a sequential decline in revenue for its fiscal third quarter of 4% to 6% from its second-quarter total of $71.6 million. That implies revenue ranging from $67.3 million to $68.7 million for the three months ending in September. The current average estimate of analysts polled by Thomson Reuters is for revenue of $73.4 million.
Shares were plummeting 12.7% to $27.24.
Silvercorp Metals was plunging 7.3% to $6.32 in premarket trading Friday ahead of the silver miner's annual meeting at 1 p.m. EDT. Shares have been tumbling amid what the company said have been attacks by "a group of well-organized and well-planned illegal short-sellers trying to profit by manipulating Silvercorp's share price with false and selective statements, fabrications and rumors" over the last two weeks.
Silvercorp said it has appointed an independent committee of its board to investigate the allegations.
Separately on Thursday, the company said it repurchased about $35 million worth of shares.
Nike sprinted past Wall Street's profit expectations for its fiscal first quarter as revenue grew 18% year over year, thanks to robust global demand.
The Beaverton, Ore.-based maker of athletic footwear and apparel reported earnings of $645 million, or $1.36 a share, with revenue totaling $6.08 billion. The performance was well ahead of the average estimate of analysts polled by Thomson Reuters for earnings of $1.21 a share in the period on revenue of $5.75 billion.
Shares were gaining 4.7% to $88.15.
Mining giants Rio Tinto and BHP Billiton were falling in premarket trading as global iron ore prices threaten their first, four-year drop since 1982, as supplies mount.
Rio Tinto shares were tumbling 3.2% to $44.58 and BHP Billiton was slumping 2.4% to $65.64.
Tibco Software posted non-GAAP earnings of $39.4 million, or 23 cents a share, on revenue of $229 million for the fiscal third quarter. The average estimate of analysts polled by Thomson Reuters was for a profit of 21 cents a share in the quarter on revenue of $220 million.
Strong growth in licensing revenue led to the solid upside profit surprise in the company's third quarter.
Shares were adding 2.3% to $21.45.
After two days of rumor and speculation, Hewlett-Packard unveiled Meg Whitman, the former head of eBay, as the company's new CEO, ending Leo Apotheker's brief but turbulent spell in the company's hot seat.
The No. 1 PC maker confirmed Apotheker's ouster and Whitman's appointment in a statement released after markets closed on Thursday.
HP shares were down 1.5% to $22.45.
McDonald's said it is returning even more cash to shareholders, boosting its dividend by 15%. The Dow component said its board has approved lifting its quarterly payout to 70 cents a share from 61 cents, payable on Dec. 15 to shareholders of record on Dec. 1.
The higher dividend, which will total about $700 million per quarter, represents a forward annual yield of 3.2% based on Thursday's closing price of $85.99.
Shares were down 0.3% to $85.75.
Homebuilder KB Home reported a third-quarter loss of 13 cents a share vs. the average analyst estimate of loss of 19 cents a share. Shares were unchanged at $5.72.
Cintas, the maker of specialized products and services to all types of businesses, reported first-quarter profit of 52 cents a share vs. the average analyst estimate of 47 cents a share.
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