Nam Tai Hit by Tech Warnings
Nam Tai Electronics
(NTE)
sank Thursday as tech investors continued to mull over a week of carnage in the sector.
The Vancouver, B.C., telecom and electronics manufacturer saw its shares slip 7% even after the company posted a record sales month in June. Nam Tai also boosted second-quarter sales guidance, citing strong sales of Bluetooth cell phone headsets, among other things.
"With this substantial growth in sales, we are making sure that we can achieve final second-quarter results that will be exceeding the upside of our guidance range of between $125 million and $140 million," CEO Tadao Murakami said Wednesday.
Wall Street analysts surveyed by Thomson First Call expect the company to earn 28 cents a share on sales of $133 million for the second quarter.
Nam Tai's positive remarks came amid a barrage of earnings warnings from other big tech players. The most notable casualty was
Yahoo!
(YHOO)
, whose shares plunged late Wednesday following an in-line second-quarter earnings report before spending Thursday morning slowly recovering. Other tech favorites, ranging from
PeopleSoft
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and
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to
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and
Emulex
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, have also told of subpar quarters.
Nam Tai shares slid $1.49 to $21.67.
