This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Ahead Of The Bell: Cardica Shares Slide

NEW YORK (AP) ¿ Shares of Cardica Inc. fell in premarket trading Friday after the surgical systems maker reported fiscal fourth-quarter revenue below Wall Street forecasts.

Shares slid 27 cents, or 12.7 percent, to $1.85 ahead of market open. The stock has ranged from $1.03 to $11.13 over the past year.

On Thursday, Cardica said its fiscal fourth-quarter loss narrowed on lower research and development expenses. Although earnings per share beat Wall Street's forecast, revenue of $2 million missed the average estimate of $2.9 million among analysts polled by Thomson Reuters.

Cardica said sales of its anastomosis systems, which automate the attachment of blood vessels and grafts during heart bypass surgeries, were slower than expected in the quarter. As a result, it cut costs and in January eliminated 13 jobs.

Cardica also said it cannot give product revenue guidance for fiscal 2010 because it is changing its cardiac surgery business to a direct sales force, which will be supported by distributors and representatives of manufacturers.

Lazard Capital Markets analyst Dr. Sean Lavin reaffirmed a "Hold" rating on the stock.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Submit an article to us!
SYM TRADE IT LAST %CHG
CRDC $0.39 0.00%
AAPL $125.80 0.00%
FB $77.56 0.00%
GOOG $530.80 0.00%
TSLA $232.95 0.00%

Markets

DOW 17,928.20 -142.20 -0.79%
S&P 500 2,089.46 -25.03 -1.18%
NASDAQ 4,939.3270 -77.6020 -1.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs