Avid Technology: After-Hours Trading
NEW YORK (TheStreet) -- Shares of Avid Technology (AVID) fell in late trades on Wednesday after the digital audio and video equipment company gave a weak first-quarter outlook.
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 Pharmaceuticals
Shares 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.
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