NEW YORK ( TheStreet) -- Shares of OmniVision Technologies ( OVTI) slumped in late trades on Tuesday after the digital imaging company gave a weak outlook for the current quarter.

Santa Clara, Calif.-based OmniVision, which makes image sensor chips used in mobile phones, computers and other products, said it expects non-GAAP earnings of 5 to 17 cents a share for the first third quarter ending in January with revenue between $160 million and $180 million.

The current consensus estimate is for a profit of 26 cents a share in the quarter on revenue of $201.4 million.



The stock was last quoted at $9.78, down nearly 13%, on after-hours volume of nearly 900,000, according to Nasdaq.com.

OmniVision gave the outlook while reporting its second-quarter results, delivering a non-GAAP profit of $30.1 million, or 48 cents a share, for the October-ended period on revenue of $217.9 million. That performance was below its year-ago equivalent earnings of $34.2 million, or 58 cents a share, on revenue of $239.5 million, but ahead of the consensus view for earnings of 32 cents a share on revenue of $214.6 million.

"We are disappointed by our second fiscal quarter financial performance, which comes after posting record revenues in four of our last five quarters," said Shaw Hong, the company's CEO, in a statement. "Our focus has always been on execution and technology leadership, and we will strive to regain our momentum."

Based on Tuesday's regular session close at $11.19, OmniVision shares are down more than 60% so far in 2011. The stock plumbed its 52-week low of $10.40 on Nov. 10, and is also trading well below both its 50-day and 200-day moving averages of $14.83 and $23.64 respectively.

Wall Street was split on OmniVision ahead of the report with 5 of the 10 analysts covering the stock at hold and the remainder split between strong buy (1) and buy (4).

Big Banks

A reevaluation of bank credit ratings by Standard & Poor's sparked muted declines in shares of some of the biggest U.S. banks, including Bank of America ( BAC), which dipped below $5 in extended trading; Citigroup ( C), losing 9 cents to $25.15 on volume of 985,000; and JPMorgan Chase ( JPM), down 2 cents to $28.54 on volume of more than 930,000.

S&P made numerous cuts but the news was telegraphed to some extent as the rating agency had already disseminated the changes it's made to its criteria for the banking industry to reflect revised assumptions about support from the federal government.

The ratings on both Bank of America and Citigroup were brought down to 'A-' from 'A' and S&P maintained its negative outlook on both banks. JPMorgan was also brought down one notch, going to 'A' from 'A+' and its stable outlook was left intact.

Bank of America fell as low as $4.98 in late trades but it was last quoted at $5.04, off 4 cents, with volume approaching 9 million.

Also taking a hit in late trades was National Retail Properties ( NNN), which announced plans to sell 6 million common shares after the closing bell. The stock was down 3.1% to $25.60 on after-hours volume of more than 1 million.

The Orlando, Fla.-based retail REIT said the deal includes an overallotment option for the sale of an additional 900,000 shares, and that it plans to use the proceeds to pay down debt.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

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Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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