Tags: US | Novatel | Wireless | Mover

Novatel Wireless Shares Drop After Weak Forecast

Friday, 26 Feb 2010 02:13 PM

 

Share:
A    A   |
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink

Shares of Novatel Wireless Inc. slid Friday after the company's forecast for the quarter fell short of expectations.

The stock was down 69 cents, or 9.4 percent, to $6.66 in afternoon trading. Shares have traded between $4.99 and $13.70 over the past year.

Novatel, which makes modems and wireless networking gear, said Thursday after the close that it expects an adjusted loss of 8 cents per share on sales of $70 million in the first quarter. Analysts were expecting a profit of 5 cents per share and sales of $84 million.

The company's fourth-quarter profit, however — 7 cents a share excluding unusual items — met analysts' expectations, according to Thomson Reuters.

"One step forward, two steps backward," Craig-Hallum Capital analyst Anthony Stoss told investors in a note. "It seems like this is the mode that (Novatel) is currently stuck in."

He cut his rating on the company's stock by a notch to "Accumulate" from "Buy" and lowered his price target to $8 from $13.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
   Email Us   |
   Print   |
   Forward Article  |
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
You May Also Like
Around the Web

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved