Altera's stock price jumped due to higher net income in Q1 than expected. Altera reported earning 27 cents per share, while the analyst expectation was 23 cents.
Altera’s stock price fell as the company reduced its Q4 sales forecast due to fewer orders from telephone-equipment and networking companies. The company expects Q4 sales of $315.8 million; a decrease of four percent from Q3 sales. Analysts had estimated Q4 sales of $333 million.