Shares of computer storage products maker
rebounded after getting off to a shaky start today, following the company's disclosure that fourth-quarter revenue would come in lower than the third quarter's top line.
Adaptec traded as low as $13.13 today. Recently, however, the shares were up 94 cents, or 7.2%, to $14.
Despite the poor forecast for the fourth quarter, the Milpitas, Calif., company reported third-quarter earnings in line with Wall Street's expectations today. Earnings for the third quarter came in at $25.5 million, or 26 cents a share, compared with $57.6 million, or 52 cents a share, for the same year-ago period.
However, the company said revenue for the fourth quarter would be off 5% to 10% from the $186.3 million in the third quarter. Revenue for the fourth quarter is expected to come in at about $198 million, according to a consensus estimate from analysts calculated by
First Call/Thomson Financial