have been hit hard after the company said fourth-quarter results will be lower than expected, as tighter capital markets have affected some of its service provider customers.
Shares of Tut Systems were recently down $3.50, or 32.9%, to $7.19 in
The broadband systems provider, which is based in Pleasanton, Calif., expects fourth-quarter revenue of $15 million to $18 million, compared with $10.6 million a year ago. According to
First Call/Thomson Financial
, three analysts expect revenue of $35.7 million for the period.
Analysts expect the company to earn 17 cents a share for the fourth quarter and 10 cents a share for 2000, compared with losses of 13 cents a share and 80 cents a share in the respective periods a year ago.
Dain Rauscher Wessels
analyst lowered the rating on Tut to buy aggressive from strong buy aggressive and slashed the 12-month price target to $35 from $150.