* Sonus Networks Inc. – rose 16c (7.3%) to $2.36. The telecommunication gear maker said its Q1 loss was 2c, analysts expected 4c.
* Yahoo! Inc. – rose 62c (2.7%) to $23.49. The owner of the world’s most-used internet site earned 8c a share in the first quarter. Analysts expected 6c/share.
* Applied Micro Circuits Corp. – the communications chipmaker will reduce its workforce by 31% to 626 this year.
* Ciena Corp. – the fiber-optic network equipment maker agreed to buy WaveSmith Networks Inc. for $158mio. Ciena will issue shares to acquire closely held WaveSmith.
* Hot Topic Inc. – the clothing retailer said same store sales for the five weeks ended April 5 fell 3.1% compared to the year-earlier period.
* Hughes Electronic Corp. – News Corp. agreed to pay $6.6bn, or $14 a share, for a 34% stake in the owner of DirecTV. Hughes fell 2c to $11.48.
* Sprint Corp. – The long-distance phone company said President Ronald LeMay has stepped down, after the board questioned his use of tax shelters set up by company auditor Ernst&Young.
* Microsoft Corp. – cuts price of Xbox video-game console by 20% in Europe.