Applied Signal Shares Fall After Missing Forecast
WASHINGTON (AP) ¿ Shares of Applied Signal Technology Inc. tumbled on Wednesday, a day after the manufacturer posted a fiscal third-quarter profit that fell short of Wall Street's forecast.
Shares of the Sunnyvale, Calif.-based company fell $2.36, or 9 percent, to $23.86 in morning trading.
The manufacturer of intelligence, surveillance and reconnaissance products earned $3.3 million, or 25 cents per share, for the period ended July 31, compared with $1.97 million, or 15 cents a share, a year earlier.
Analysts were forecasting a profit of 26 cents per share, according to a survey by Thomson Financial.For the quarter, revenue came to $49.5 million, down from $49.9 million. That was also below analysts' predictions of $53.6 million. Stifel, Nicolaus & Co. Inc. analyst Stephen Levenson said weakness in the company's stock price could be seen as a "buying opportunity." He reiterated his "Buy" rating and $30 price target. SunTrust Robinson Humphrey analyst Chris Donaghey lowered his revenue estimate from $207 million to $206 million and raised his earnings estimate from $1.09 to $1.10. He maintained his "Neutral" rating.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV