Updated from 1:52 p.m.
Shares of Applied Signal Technology(APSG Quote) were among technology's losers Tuesday, falling 17.4% after the company posted second-quarter results that were well below Wall Street expectations.
The maker of digital signal processing equipment earned $2.3 million, or 20 cents a share, on sales of $32.1 million. Analysts surveyed by Thomson First Call were expecting earnings of 26 cents a share on sales of $40.3 million. A year ago the company earned $3.9 million, or 34 cents a share, on sales of $36.8 million. The company attributed the year-over-year sales decrease to fewer product sales and to a reduction in sales from its largest contract, which resulted from a stop work notice it received on a portion of the contract during fiscal 2004. Applied Signal blamed the earnings decline on a significantly higher tax rate in 2005. Shares traded down $3.47 to $16.50. ...
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