Pericom Semiconductor Cuts Guidance
This morning, the integrated ciruits maker became the latest company in the chip sector to lower its guidance, citing a significant glut in inventory. As with numerous other companies, order cancellations and push-outs in January and February hurt Pericom's numbers.
Pericom projected third-quarter earnings of 16 cents a share. Five analysts polled by First Call/Thomson Financial arrived at a consensus estimate of 22 cents a share for the third fiscal quarter, which ends March 31.The company, which is based in San Jose, Calif., also forecast a 25% revenue drop from the second quarter, when the company had sales of $35.7 million. Pericom recently lost $1.38, or 9.6%, to $13, after being halted on the Nasdaq earlier this morning.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts