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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.


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



was also struggling, down 13.3%.