Today: Samsung and Acer will sell new netbooks running Google's(GOOG) Chrome software starting June 15. Plus: Cisco Systems (CSCO)and Symantec report earnings. Plus: Intel (INTC) stock climbs, butYahoo (YHOO) shares plunge.
Google's new Chromebooks
Google is entering the computer operating system business --territory now dominated by Microsoft's ubiquitous Windows softwareand (to a much lesser extent, at least as measured by the number ofcomputers in use) Apple's (AAPL) Mac OS.
At its yearly Google I/O developers conference and on itsofficial blog, the Mountain View Internet juggernaut announced thatnew netbooks running the Chrome operating system will be availableJune 15. The computers, manufactured by Samsung and Acer, will besold in the U.S. by Amazon and Best Buy.
"These are not typical notebooks. With a Chromebook you won'twait minutes for your computer to boot and browser to start. You'llbe reading your email in seconds," Google executives Linus Upson andSundar Pichai wrote in the blog post.
According to a Merc report, they'll also be relativelyinexpensive -- $349 for an Acer Chromebook with an 11.5-inch displayand $429 for the Samsung model with a 12.1-inch screen. Both modelshave optional 3G connections, bringing the price for the Samsungmodel to $499.
Google also is offering Chromebooks on monthly subscriptions forbusinesses at $28 each and schools at $20 each.
The lightweight Chromebooks include technology such as dual-coreIntel Atom processors. According to the Merc report, though, ownerswill keep their data and apps on Google's Internet "cloud."
"At the core of each Chromebook is the Chrome web browser," Upsonand Pichai wrote. "Chromebooks bring you all of Chrome's speed,simplicity and security without the headaches of operating systemsdesigned 20 to 30 years ago."
Cisco earnings
Cisco Systems -- the giant San Jose maker of networking equipment-- this afternoon reported a $1.8 billion profit for its most recentquarter, down 17.6 percent from a year earlier. Net sales, though,increased 4.8 percent to $10.9 billion.
"This quarter played out as we expected," CEO John Chambers saidin a news release. "We have acknowledged our challenges. We knowwhat we have to do. We have a clear game plan, and we are a companywith a track record of market-shaping innovation. We thank ourshareholders, employees, customers and partners as we transition tothe next phase of Cisco."
Cisco's earnings came in at 33 cents a share. Excluding certaincosts, Cisco's earnings would have been 42 cents a share. On thatbasis, the results came in ahead of Wall Street expectations,according to Bloomberg News.
Cisco released its results just after the stock markets closedthis afternoon. Earlier, the shares finished regular trading at$17.78, down 1 cent, or 0.1 percent, from Tuesday's closing price.The stock was climbing in after-hours trading.
Symantec earnings: The Mountain View maker of security and datastorage software also reported earnings this afternoon.
Symantec reported a $168 million profit, down 8.7 percent.Revenue climbed 9 percent to $1.67 billion.
"We closed our fiscal year surpassing expectations across each ofour key financial metrics, driven by market share gains and growthin backup, software-as-a-service, data loss prevention andconsumer," CEO Enrique Salem said in a news release.
Symantec's earnings came in at 22 cents a share -- or, excludingcertain costs, 38 cents a share. On that basis, Symantec's results -- and its current-quarter forecast -- slightly exceeded Wall Streetexpectations, according to Bloomberg.
In regular trading, Symantec stock fell 15 cents, or 0.8 percent,to $19.41. The shares were falling in after-hours trading.
More tech headlines
Intel: The Santa Clara chip behemoth is increasing its quarterlydividend by 16 percent to 21 cents a share. CEO Paul Otellini saidthe company is benefiting from increased demand for computers.
"Intel's current and projected growth is generating strong cashflow, allowing us to further increase our dividend," Otellini saidin a news release.
On an otherwise grim day for tech stocks, Intel shares todayclimbed 38 cents, or 1.7 percent, to $23.41.
Insider-trading case: A federal jury in New York today foundGalleon Group hedge fund manager Raj Rajaratnam guilty of fivecounts of conspiracy and nine counts of securities fraud in a caseinvolving millions of dollars of insider-trading profits in sharesof Intel and other companies.
Prosecutors contended that Rajaratnam relied on dozens ofinsiders and consultants to feed him illegal tips. According to theAP report, he was accused of pulling in $20 million by trading onadvance knowledge of Sunnyvale chipmaker Advanced Micro Devices'acquisition of graphics-chip maker ATI Technologies.
Silicon Valley tech stocks
Up: Intel.
Down: Apple, Oracle (ORCL), Google, Cisco, Hewlett-Packard (HPQ),eBay (EBAY), VMware, Gilead Sciences (GILD), Yahoo.
Yahoo stock today plummeted $1.35, or 7.3 percent, to $17.20.According to Bloomberg News, investors are worried that Yahoo's 40percent stake in Chinese Internet company Alibaba Group may havelost value after Alibaba restructured its online payment business,putting it under control of another company.
The tech-heavy Nasdaq composite index: Down 26.83, or 0.9percent, to 2,845.06.
The blue chip Dow Jones industrial average: Down 130.33, or 1percent, to 12,630.03.
And the widely watched Standard & Poor's 500 index: Down 15.08,or 1.1 percent, to 1,342.08.
Check in weekday afternoons for the 60-Second Business Break, asummary of news from Mercury News staff writers, The AssociatedPress, Bloomberg News and other wire services. Contact Frank Russellat 408-920-5876. Follow him at Twitter.com/mercspike.
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