The company said a delay in defense market projects and shipments due to federal budget uncertainty, a recently resolved labor strike in India delaying certain product shipments and short-term softness in the optical market hurt its forecast. Sanmina said that its Chief Operating Officer Hari Pillai is stepping down, but will continue to serve as a consultant.
NEW YORK ( TheStreet) -- Electronics manufacturing company Sanmina-SCI ( SANM) dropped 17.6% to $11.04 in premarket trading Thursday after cutting its second-quarter earnings forecast to between 28 cents and 32 cents a share, compared with analysts' forecasts of 41 cents a share and the company's previous forecast of 40 cents to 43 cents.
Novartis ( NVS) was rising 1.5% to $53.54 after the New England Journal of Medicine reported that the Xolair asthma drug the drug maker and its peer Roche ( RHHBY ) sells helped cut symptoms in young adults and children.
Financial institutions Bank of America ( BAC), Citigroup ( C) and UBS ( UBS) are all part of a U.S. investigation of the possible manipulation of the London Interbank Offered Rate, The Wall Street Journal reported. Citigroup was up 0.5% to $4.41, Bank of America was up 0.9% to $13.81 and UBS was rising 1% to $18.10 in premarket trading.
Drug developer Abbott Labs ( ABT) was rising 0.6% to $47 after DepoMed ( DEPO) said in a regulatory filing that it has reached a settlement agreement with the former with regard to Gralise, a once-daily treatment for postherpetic neuralgia. DepoMed was 0.4% higher at $8.71.
Athletic apparel retailer Lululemon Athletica ( LULU) was flat at $79.42 after reporting fourth-quarter earnings of 76 cents a share including a tax adjustment, and earnings of 64 cents a share on an adjusted basis, beating expectations of 57 cents a share.
Specialty retailer Guess? ( GES) posted an in-line adjusted profit for its fiscal fourth quarter but gave a below-consensus outlook.
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