This stock had 4 strong buy RECs. And there are those that think the brokerage houses know their head from a hole in the ground. They can hurt you but rarely help you.
NEW YORK (Dow Jones)--Shares of Electronics For Imaging Inc. (EFII) plunged nearly 60% Friday after the San Mateo, Calif., concern said its fourth-quarter results will come in far, far below Wall Street's expectations.
The color-printing systems company said it expects to post fourth-quarter operating net income of 6 cents a share, compared with analysts' mean estimate of 49 cents, according to First Call Inc. In last year's fourth quarter, net income was 73 cents a share.
Electronics For Imaging cited delays in purchases associated with product transitions, reductions of inventory by its customers and weakness in Asian economies.
The shares were recently off 23, or 59%, at 16 on Nasdaq volume of 14.7 million shares, compared with average daily turnover of 677,700. Earlier, the stock hit a 52-week low of 14 1/2, crashing through the previous low of 34 set in April.
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