Affymetrix Tumbles on Warning, Downgrade

By TSC Staff ,

Affymetrix (AFFX) was down 23.6% in preopen Island trading after the genetic technology company warned late Monday that it expects to report a second-quarter loss of $4 to $7 million.

This morning,

Robertson Stephens

cut its rating on the stock to market perform from buy, while

Credit Suisse First Boston

cut estimates for Affymetrix's 2001 results to a loss of 30 cents a share from a profit of 14 cents. CSFB also cut estimates for 2002 and 2003.

The stock fell about 8% Tuesday prior to the company's announcement after pharmaceutical company

GlaxoSmithKline

(GSK) - Get Report

cut its stake in the company to 13.4% from 14.5%.

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