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JNI Falls as it Warns of Third-Quarter Loss

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Updated from 9:00 a.m.

JNI Corp.

(JNIC)

was down 11.5% in late morning, hitting a 52-week low of $5.08. The storage network company said this morning it expects to post a third-quarter loss of 3 to 6 cents a share, vs. the consensus estimate for earnings of 2 cents a share. Revenue is expected to be $17 million.

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The company said technological developments and new business partnerships were being offset by the current slump in the U.S. economy.

Data storage network equipment maker

Brocade

(BRCD)

was also struggling, down 13.3%.