Shares of gun maker
Smith & Wesson
shot down about 24% in after-hours trading Thursday, as a number of names projected sour results and sellers took the helm after the closing bell.
The Springfield, Mass.-based Smith & Wesson chopped 23 cents off its fiscal 2008 earnings guidance to about 40 cents a share, which would come in well under the 52-cent average analyst estimate, as per Thomson Financial. Top-line projections were lowered by $30 million to roughly $300 million, which would also miss targets.
Next-quarter revenue is expected to add 5% to 10% sequentially, meaning a subpar range of $74.3 million to $77.9 million, though S&W pegs fourth-quarter growth at a sequential 10% to 15%, when it believes the "industrywide inventory overstock situation" should start improving.
For the fiscal second quarter, the company recorded a flat profit of 7 cents a share, which beats by a penny, as well as better-than-expected sales of $70.8 million. Each figure was at the high end of guidance issued in October. Still, shares were off $2.37 to $7.55 in recent after-hours trading.
Also dropping on a
disappointing forecast was
. The Santa Clara, Calif.-based chipmaker said current-quarter sales will probably sink between 1% and 5% from last quarter, or a range of between $474.1 million and $494 million. The Street is looking for $495.7 million.
The company beat on fiscal second-quarter earnings, and its top line was flush with expectations. But shares were losing 3% at $22.81.
Elsewhere in tech,
( PALM) slid 16.5% after saying it will probably post a non-GAAP loss of 8 cents to 10 cents a share in the fiscal second quarter. The Sunnyvale, Calif.-based maker of Treo handheld devices also
lopped at least $20 million off its prior sales guidance to between $345 million and $350 million. Analysts are looking for a profit of 4 cents a share on $376.4 million in sales. Palm shares were down $1.09 to $5.50.
, meanwhile, reported
positive fiscal fourth-quarter earnings. Non-GAAP income catapulted to $60 million, or 40 cents a share, from last year's 22 cents a share. That comfortably surpasses the 36-cent target from analysts. Revenue climbed 11.2% year-over-year to $315.2 million, which tops by $7 million.
Shares of the California-based company, which makes software for chip design, were trading mostly higher before recently retreating to a 2.4% loss at $25.65.