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OmniVision, Big Banks: After-Hours Trading

NEW YORK ( TheStreet) -- Shares of OmniVision Technologies (OVTI - Get Report) slumped in late trades on Tuesday after the digital imaging company gave a weak outlook for the current quarter.

Santa Clara, Calif.-based OmniVision, which makes image sensor chips used in mobile phones, computers and other products, said it expects non-GAAP earnings of 5 to 17 cents a share for the first third quarter ending in January with revenue between $160 million and $180 million.

The current consensus estimate is for a profit of 26 cents a share in the quarter on revenue of $201.4 million.



The stock was last quoted at $9.78, down nearly 13%, on after-hours volume of nearly 900,000, according to Nasdaq.com.

OmniVision gave the outlook while reporting its second-quarter results, delivering a non-GAAP profit of $30.1 million, or 48 cents a share, for the October-ended period on revenue of $217.9 million. That performance was below its year-ago equivalent earnings of $34.2 million, or 58 cents a share, on revenue of $239.5 million, but ahead of the consensus view for earnings of 32 cents a share on revenue of $214.6 million.

"We are disappointed by our second fiscal quarter financial performance, which comes after posting record revenues in four of our last five quarters," said Shaw Hong, the company's CEO, in a statement. "Our focus has always been on execution and technology leadership, and we will strive to regain our momentum."

Based on Tuesday's regular session close at $11.19, OmniVision shares are down more than 60% so far in 2011. The stock plumbed its 52-week low of $10.40 on Nov. 10, and is also trading well below both its 50-day and 200-day moving averages of $14.83 and $23.64 respectively.

Wall Street was split on OmniVision ahead of the report with 5 of the 10 analysts covering the stock at hold and the remainder split between strong buy (1) and buy (4).

Big Banks

A reevaluation of bank credit ratings by Standard & Poor's sparked muted declines in shares of some of the biggest U.S. banks, including Bank of America (BAC - Get Report), which dipped below $5 in extended trading; Citigroup (C - Get Report), losing 9 cents to $25.15 on volume of 985,000; and JPMorgan Chase (JPM - Get Report), down 2 cents to $28.54 on volume of more than 930,000.

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C $51.52 0.00%
JPM $60.58 0.00%
NNN $40.97 0.00%
OVTI $26.37 0.00%

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