Affymetrix Tumbles on Warning, Downgrade
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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