Monday's Tech Winners & Losers
Shares of Multi-Fineline Electronix (MFLX) were among technology's losers Monday, sliding 11% after the company posted fourth-quarter results that were well below expectations.
M-Flex, maker of assembly systems used by the electronics industry, earned $2.2 million, or 9 cents a share, for the period ended Sept. 30. Analysts polled by Thomson First Call expected earnings of 28 cents a share. Revenue totaled $110.3 million, below Wall Street's forecast of $128.8 million. During the year-earlier period, the company earned $11 million, or 44 cents a share, on revenue of $110.9 million.
"The disappointing financial results for the fiscal fourth quarter were due both to specific customer issues as well as changing market dynamics in the flexible printed circuit industry," the company said. Shares were trading down $2.56 to $20.53.
Shares of XM Satellite Radio (XMSR) jumped 15% after the satellite radio company posted better-than-anticipated third-quarter results. The company reported a loss of $85.5 million, or 32 cents a share, on revenue of $240.4 million. Analysts expected a bigger loss of 46 cents a share, with revenue of $235.3 million. During the year-earlier quarter, XM posted a loss of $134 million, or 60 cents a share, on revenue of $153.1 million.XM now sees total subscribers of 7.7 million to 7.9 million by the end of the year. Previously, the company said that it would have between 7.7 million and 8.2 million. Shares were trading up $1.76 to $13.15.
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