Etrade, Logitech, Cypress Semi, Carbo Ceramic and SanDisk Among Stock Percentage Losers Jan 26th
E TRADE Financial Corporation (NASDAQ:ETFC): Goldman downgraded E-Trade following weaker than expected Q4 earnings, NIM pressure, and muted trading activity. Price target lowered to $9 from $10. The shares closed at $7.99, down $1.37, or 14.64%. They have traded in a 52-week range of $7.42 to $18.13.
Logitech International SA (NASDAQ:LOGI): Cuts FY12 revenue view to $2.3B vs. prior view of ‘about’ $2.4B. The gross margin for the full year continues to be estimated to reach approximately 33%. Lowers FY12 outlook on a weaker Euro and market weakness. Note that FY12 guidance was cut back on Sept. 22, 2011 as well. The shares closed at $7.20, down $0.98, or 11.98%. They have traded in a 52-week range of $7.17 to $20.11.
Cypress Semiconductor Corporation (NASDAQ:CY): GSI Technology (NASDAQ:GSIT) responded to Cypress Semiconductor’s (NASDAQ:CY) January 18 press release regarding the status of pending patent litigation between the two companies. Lee-Lean Shu, GSI’s President and CEO, noted, In its most recent press release, Cypress has once again chosen to make misleading statements in the press rather than fight the lawsuit on the merits before the International Trade Commission.” We remain confident in our position on the merits of the case and look forward to prevailing at the trial in March, said Shu. In fact,” he added, “on January 19, 2012, we filed motions for summary determination seeking a pre-trial ruling that GSI and the other respondents do not infringe any of the Cypress patents asserted against them. The shares closed at $17.20, down $1.95, or 10.18%. They have traded in a 52-week range of $13.67 to $23.95.
CARBO Ceramics Inc. (NYSE:CRR): CARBO Ceramics (NYSE:CRR) declined sharply after the company last night reported Q4 net income of $33.1M, or $1.43 per diluted share, missing consensus estimates for EPS of $1.70. Revenues of $158.1M in Q4 also fell short of expectations, with consensus at $179.24M, according to Fact Set. Noting “challenges beyond typical seasonality,” the company said the severe decline in natural gas prices during the quarter led E&Ps to reduce capital spending, leading to a sequential reduction of about 70% in its Haynesville proppant sales volumes. Also, logistical issues burdened its distribution network, the company said, and “the industry’s response to the decline of activity in the Haynesville, reallocation of proppant supply and demand and adjustment to natural gas fundamentals will take some time to work out.” Shares moved lower throughout the session, sliding $25.58, or 19.52%, to $105.45 in late afternoon trading. The shares closed at $104.00, down $27.03, or 20.63%. They have traded in a 52-week range of $90.41 to $183.34.
SanDisk Corporation (NASDAQ:SNDK): Caris said SanDisk’s core cost reduction was “steller” and that checks indicate it will participate robustly in 2012’s emerging country smartphone ramp. Shares are Buy rated. The shares closed at $46.39, down $5.95, or 11.37%. They have traded in a 52-week range of $32.24 to $53.46.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
To contact the reporter on this story: Derek Hoffman at firstname.lastname@example.org
To contact the editor responsible for this story: Damien Hoffman at email@example.com