Investors get vexed when the market acts against their instincts.
Applied Micro (AMCC) cuts it forecast for the next quarter. The company had expected revenue of close to $60 million, but knocked that down to $50 million. The stock rose over 10% at the open.
The Associated Press quoted the company: "The shortfall in the first quarter revenues is the result of continued weakness in the telecom market space, weaker than anticipated processor sales due to delayed new product ramps and continued inventory corrections," said Kambiz Hooshmand, president and chief executive officer.
Applied Micro also expects some weakness in the quarter beyond next.
It is planning to cut costs.
Nice way to cause a rally.
Douglas A. McIntyre can be reached at [email protected].
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