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Earnings Damage Widens Across Industries (CROX)(AFFX)(NVTL)
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The latest earnings news is a clear and definite indicator that the earnings damage from the current slowdown is unlike to take prisoner.
Crocs (NASDAQ: CROX), the maker of odd-balls shoes and a former Wall St. darling, is off 37% on a weak first quarter forecast. The company blamed the weak retail environment, which has been showing up in same-store sales for several months. CROX trades at $11.05 now, down from a 52-week high of $75.21. Retail was already dead, but this gave some further confirmation.
Affymetrix (NASDAQ: AFFX), a leader in the technology of genetic analysis, cut its revenue forecast for the year to a range of $510 million to $490 million from a previous range of $505 million to $525 million. It said the drop was due to cut-backs in R&D spending at customers. Shares moved down to $10.76 from a 52-week high of $31.95. The stock is off 34% today.
In the tech and telecom sector wireless modem maker Novatel (NASDAQ: NVTL) cut is Q1 guidance and put in a new CEO. Sales are expected to be $91 million down from previous forecasts of $110 million.:The company said a product delay in Europe hurt its numbers. The stock dropped 20% and trades at $8.05 down from a 52-week high of $29.14.
Three unrelated companies in unrelated sectors.
Douglas A. McIntyre
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