7 Stocks Hitting Radars: SanDisk Drops 6.5%, RIM and Chevron Face More Legal Woes
Shares of SanDisk Corp. (NASDAQ:SNDK) dropped 6.5 percent in late market trading. The company cut its revenue outlook from $1.3 billion to $1.2 billion for the fiscal first-quarter, due to weaker-than-expected pricing and demand. The company is also a supplier to Apple Inc. (NASDAQ:AAPL), which also traded slightly lower.
After closing 9.46 percent lower on Tuesday, Research in Motion (NASDAQ:RIMM) shares edged .15 percent lower in extended trading. The company as been accused of infringing six patents owned by NXP Semiconductor NV (NASDAQ:NXPI). The Netherlands-based chip maker is seeking cash compensation and a court order to block further use of its invention in a complaint filed yesterday in the U.S. federal court in Orlando, Florida.
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Despite falling 4.6 percent during regular trading, shares of Zynga Inc. (NASDAQ:ZNGA) gained .73 percent after the closing bell. The online gaming company announced it sold 49.4 million shares in its secondary offering at $12 per share, representing 6.4 million more shares than what Zynga officially priced last week.
Chevron Corp. (NYSE:CVX) shares edged slightly lower in late trading. A Brazilian federal prosecutor launched his second lawsuit against Chevron and Transocean (NYSE:RIG), regarding an oil leak in the Frade field. The new lawsuit would prevent both companies from operating in Brazil.
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