Updated from 8:02 a.m. ET to add information on Arctic Cat, Sears
NEW YORK (
(CAVM - Get Report)
should see active trading on Wednesday after the semiconductor company lowered its financial outlook to reflect weak demand from both the enterprise and service provider markets as well as the negative impact of a hub transition by one of its major customers.
The San Jose, Calif.-based company now sees revenue of $56 million to $57 million for its fiscal fourth quarter ending this month. The current average estimate of analysts polled by
is for revenue of $59.7 million in the three-month period.
Cavium didn't provide a bottom-line forecast but said it "believes that it under shipped to customer end demand in the fourth quarter," and that it sees gross margins coming in a percentage point lower than previous guidance because of the lower sales volume.
Shares of Cavium closed Tuesday at $28.48, off nearly 33% so far in 2011. The stock was last quoted at $26.80 in pre-market action, off nearly 6% on volume of close to 60,000, according to
(SHLD - Get Report)
was tracking for further losses on Wednesday after sinking to a new 52-week low on Tuesday amid an avalanche of disappointing news from the struggling retailer.
The stock was last quoted at $31.95, down 4.3%, on volume of more than 40,000, according to
On Tuesday, the shares sank more than 27% to $33.38, hitting a new low of $33.26 in the process. The company said holiday same-store sales were weak and announced plans to close as many as 120 of its Kmart and namesake store locations.
(ACAT - Get Report)
said early Wednesday that it's agreed to buy back 6.1 million of its Class B common shares from
Suzuki Motor Corp.
for $79.3 million in cash.
The snowmobile maker said the deal will reduce its outstanding share count to 12.3 million from 18.4 million but won't impact its public float. After completing the transaction, Arctic Cat expects to close 2012 with more than $60 million in cash. Suzuki Motor had been a major shareholder since 1988, Arctic Cat said.