Stocks to Watch: Benchmark Climbs, but Genesis Micro Drops
The Day's Winners
The Day's LosersShares of Aspen Technology (AZPN) were plunging 40% to $4.19 after the company warned of a fourth-quarter revenue shortfall. Aspen said its revenue will be between $84 million and $85 million, down 8% from prior guidance of $92 million and below the consensus estimate of $86 million. Aspen said that, based on these numbers, it expects to post a loss of $4 million to $6 million for the quarter. The company blamed customer order delays and the uncertain market for the shortfall. Genesis Microchip (GNSS) was dropping 7% to $6.82 on a downgrade from Prudential. The brokerage house cut its rating on Genesis to hold from buy based on a negative pricing outlook for Genesis' 15-inch IC products. Prudential also slashed its price target on the stock to $5 from $15. Knight Trading Group (NITE) was shedding 8% to $4.29 after announcing a 10% workforce reduction and warning of lower than expected second-quarter results. The company expects to lose 4 cents to 6 cents a share in the quarter, excluding charges. Wall Street had been looking for break-even results. Knight also said it will take charges up to 15 cents a share, including up to 4 cents for the staff reduction. Knight added that its domestic equity operations remained profitable, but market conditions continued to affect all of its other businesses. Overland Storage (OVRL) slid 5% to $13.78 after warning that order delays will cause its fourth-quarter results to be lower than expected. The company sees revenue in excess of $34 million for the quarter, but that's still below the company's original forecast and the consensus estimate of $41.9 million. Going forward, Overland said it has added a new customer that will contribute to earnings and revenue in the first half of 2003.
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