Citing weak demand from "creative enthusiast portion" of its business, the Burlington, Mass.-based company said it now sees a non-GAAP operating loss of $8 million in the March-ended period on revenue of $152 million. The average estimate of analysts polled by Thomson Reuters is for earnings of 3 cents a share on revenue of $161.1 million.
The stock was last quoted at $8.61, down 16.2%, on volume of nearly 15,000, according to Nasdaq.com. Based on Wednesday's regular-session close at $10.28, the shares were up 20% so far in 2012.
Wall Street was skeptical about Avid before this news with four of the five analysts covering the stock at hold. The median 12-month price target sits at $11.Check out TheStreet's quote page for Avid Technology for year-to-date share performance, analyst ratings, earnings estimates and much more.
Pacira PharmaceuticalsShares of Pacira Pharmaceuticals (PCRX) dipped nearly 2% in the extended session after the Parsippany, N.J.-based drug developer said it's launched a public offering of common stock. The company didn't disclose details on the size or pricing of the stock sale. The stock was last quoted at $9.95, down 17 cents, on volume of 37,000, according to Nasdaq.com. Pacira announced commercial availability of Exparel, a non-opioid pain relief product that's deployed as single-dose local administration at the surgical site, on Monday. The stock is up more than 20% in 2012, and more than 40% in the past year. Check out TheStreet's quote page for Pacira for year-to-date share performance, analyst ratings, earnings estimates and much more. --Written by Michael Baron in New York.
>To contact the writer of this article, click here: Michael Baron.
Select the service that is right for you!COMPARE ALL SERVICES
- $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
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV