SUNW comments from Stockbottom.com:
MARKET WRAP
===========
Land of the Setting Sun
Somebody had to get whacked, even on a good day. Sun
Microsystems (SUNW) shares hit a new 52-week low of $32.63, but
then closed at $34, or down 12.7%, on five times normal trading
volume. This extended Friday's 9% slide, which was triggered by
concerns over accounting regularities and a slowing growth rate.
Today, Goldman Sachs' Laura Conigliaro told clients that she
thinks the company is "less likely" to beat current financial
estimates, and "fresh money would probably be better advised to
be looking elsewhere," pointing to Brocade Communications (BRCD),
up 2.5% to $225.13, and EMC Corporation (EMC), up 3.5% to $90.
Analyst Kurtis King at Banc of America told clients that demand
has slowed for Sun, and if the company fails to report
"significant" upside or doesn't raise estimates for later
periods, this period may be viewed "as the negative turning point
for the story." Ouch. |
