The company said it now sees non-GAAP earnings of 20 cents to 22 cents a share in the third quarter on revenue of around $70 million, well below the average estimate of analysts polled by Thomson Reuters for a profit of 30 cents a share on revenue of $82.8 million. Shares were plunging 16.1% to $35.94 in premarket trading Wednesday.
NEW YORK ( TheStreet) -- Acme Packet ( APKT), a Bedford, Mass.-based provider of network services, gave a disappointing third-quarter forecast, citing a delay in securing a deal with a large customer in North America.
New York Attorney General Eric Schneiderman and the city of New York are suing Bank of New York Mellon ( BK) for nearly $2 billion, for allegedly defrauding clients in foreign currency exchange transactions. Shares were tumbling 3.8% to $18.11.
Shares of Advanced Micro Devices ( AMD) were tumbling 2.1% to $4.62 after the chipmaker was downgraded to market perform from outperform at Sanford C. Bernstein.
Yum! Brands ( YUM) reiterated its full-year earnings-per-share forecast for growth of at least 12% after meeting quarterly profit expectations as continued strong performance in China drove year-over-year revenue growth of more than 14%. The parent company of Taco Bell, KFC and Pizza Hut said it earned $383 million, or 80 cents a share, in its third quarter, up 7.3% from a year-earlier profit of $357 million, or 74 cents. Excluding one-time items, earnings came in at 83 cents a share, in line with analysts' consensus call. Shares were down 1.9% to $48.48.
Internet services provider Akamai Technologies ( AKAM) may finally be cheap enough to lure International Business Machines ( IBM) or Verizon Communications ( VZ) as the most speculated U.S. takeover target since 2005 approaches its lowest valuation on record, Bloomberg reported. Akamai shares were rising 1.9% to $20.95.
Samsung, a day after Apple ( AAPL) unveiled the new iPhone 4S , is seeking to block the sale of the new device in France and Italy. Samsung is alleging the iPhone 4S infringes its patents on wireless technology. Apple shares were falling 1.3% to $367.52.
Internet search giant Google ( GOOG) has been downgraded to hold from buy at Stifel Nicolaus. Shares were down 0.8% to $498.
Bank of America ( BAC) could face fraud claims after its Countrywide unit submitted faulty borrower data for federally-insured mortgages, according to Bloomberg. Shares were down 0.4% to $5.74.
Costco ( COST), the warehouse retailer, said net income in the fourth quarter rose about 10.6% as sales jumped 17%. Net income in the fourth quarter was $478 million, or $1.08 a share, compared with $432 million, or 97 cents, a year earlier. Analysts surveyed by Thomson Reuters expected Costco to earn $1.10 a share. Shares were trading sideways at $81.70.
Shares of Monsanto ( MON) were rising 2% to $64.50 after the agricultural products company forecast mid-teens earnings growth for the new fiscal year and reported a fourth-quarter loss of 22 cents a share vs. the Wall Street consensus target of a loss of 27 cents. -- Written by Andrea Tse in New York. >To contact the writer of this article, click here: Andrea Tse.