Indications: Pre-market trading
Emulex shares slide in pre-market
Celera Genomics rallies; Amazon sees gains
By Tomi Kilgore, CBS.MarketWatch.com
Last Update: 9:09 AM ET Feb 12, 2001 NewsWatch
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NEW YORK (CBS.MW) - Shares of Emulex fell in pre-market trading Monday after the company warned that it would miss fiscal third-quarter estimates, due to order push outs.
The stock (EMLX: news, msgs) tumbled $23.75, or 31 percent, to $53.75. Analyst Ara Mizrakjian at Roberston Stephens said the company issued its warning in a Webcast prior to presenting at his firms technology conference. Mizrakjian said the data storage company indicated revenue growth for the quarter, at the worst case, could be sequentially flat and earnings per share could be 3 to 5 cents below his 23-cent estimate.
Among stocks in Emulex's business, Qlogic (QLGC: news, msgs) slumped $11.38 to $59, Network Appliance (NTAP: news, msgs) lost $1.50 to $36.50 and Brocade Communications (BRCD: news, msgs) gave up $6.50 to $67.63.
Celera Genomics (CRA: news, msgs) rallied $1.40 to $43 in Instinet. The biotech company said that its scientists estimate that there are between 26,500 and 30,000 human genes, substantially below the 100,000-gene tally that has been bandied about for months on Wall Street and also in the scientific community. Celera also estimates that sequences represent over 95 percent of the human genetic information with an accuracy of greater than 99.96 percent.
Rainbow Technologies (RNBO: news, msgs) plunged $2.56, or 22 percent, to $8.88. The software company said late Friday its fourth-quarter 2000 earnings are expected to come in lower than previous targets due to a slowdown in its North American business. The company said it anticipates reporting earnings in the range of 10 cents to 14 cents per share, below the current analyst consensus estimate of 18 cents per share. Rainbow said it was hurt by slow sales of its software distribution and Internet products coupled with larger-than-expected declines in investments and currency losses.
Amazon (AMZN: news, msgs) advanced 25 cents to $13.63. Analyst Henry Blodget at Merrill Lynch said he remains "comfortable" with the e-tailer's cash position. Blodget does see the company's working capital turning negative in 2001, but doesn't think it is a problem, as he expects its cash position to bottom at probably much more than $400 million in the second or third quarter.
Cisco Systems (CSCO: news, msgs) inched 6 cents higher to $28.25. The high-tech bellwether's stock fell to a 20-month low of $28 in intraday trading Friday. Volume reached 134 million shares, the third consecutive session of triple-digit volume.
Among other stocks seeing activity, Intel (INTC: news, msgs) tacked on 13 cents to $33.63, Microsoft (MSFT: news, msgs) trimmed 13 cents to $59, Sun Microsystems (SUNW: news, msgs) shaved off 6 cents to $24.50 and Juniper Networks (JNPR: news, msgs) fell $3.38 to $80.50.
Stock futures indicated U.S. share markets would start off in negative territory. March S&P futures (WP=H1: news, msgs) lost 1.30 to 1,320.20, which was about a half-point below fair value, according to figures provided by HL Camp & Company. Nasdaq 100 futures (AH=H1: news, msgs) was down 9.00 at 2,268.00.
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Tomi Kilgore is a reporter for CBS.MarketWatch.com. |
