shares tumbled as low as $23 after the company reported third-quarter earnings that beat analysts' estimates by a penny.
The Boston-based producer of semiconductor testing equipment reported earnings of $153.5 million, or 84 cents a share, compared with $62.7 million, or 35 cents a share, a year ago. According to a
First Call/Thomson Financial
survey, 19 analysts expected the company to earn 83 cents a share.
Despite the increase in third-quarter profits, and sales of $848 million, compared with $497 million a year ago, Teradyne lowered its expectations for the fourth quarter during a conference call Tuesday morning.
Merrill Lynch cut its rating on the company to accumulate from buy and reduced 2000 revenue estimates, citing a shift toward lower margin product testing.