Tuesday's Winners & Losers: Crocs

Shares slip 40% lower after the company slashes guidance.

Author:
Publish date:: Apr 15, 2008 4:35 PM EDT

Shares of Indian IT outsourcing specialist

Infosys

rose $3.11, or 8.5%, to $39.67 after

fourth-quarter profit jumped

and it raised its future dividend payout ratio. Revenue in the quarter rose 32% to $1.14 billion, while net income was up 20% to $311 million, or 54 cents a share, from $259 million, or 45 cents a share, a year ago.

Infosys competitor

Cognizant

(CTSH) - Get Report

also gained $2.35, or 8.7%, to $29.32.

On the losing side, investors took a bite out of

Crocs

(CROX) - Get Report

, sending the stock down more than 40% to new lows. The shoe maker, based in Niwot, Colo.,

slashed guidance

for the first quarter. Weisel downgraded the stock to market-weight. Shares were falling $7.44, to $10.35.

Meanwhile, San Diego, Calif., wireless broadband company

Novatel

(NVTL)

saw shares plummet 22% to $7.81. The company forecast revenue of $91 million and non-GAAP EPS between 16 cents and 18 cents. Analysts are predicting revenue of $110.5 million and EPS of 22 cents. Oppenheimer downgraded the stock to perform from outperform, and Morgan Joseph cut its rating to hold from buy.

Electronics distributor

Avnet

(AVT) - Get Report

lost $3.95, or 12.2%, to $28.38 after the company warned that profit in the third and fourth quarters would

miss analysts' expectations

For the third quarter, Avnet forecast earnings, excluding items, of 74 cents to 76 cents a share and revenue of $4.42 billion. Analysts were expecting earnings of 87 cents a share on revenue of $4.47 billion.

For the fourth quarter, the company guided EPS of 79 cents to 83 cents and revenue in the range of $4.55 billion to $4.75 billion. Analysts are expecting EPS of 92 cents on revenue of $4.75 billion.

This article was written by a staff member of TheStreet.com.