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Strategies & Market Trends : Technical analysis for shorts & longs

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To: Johnny Canuck who wrote (42561)	7/23/2005 4:14:50 PM
From: Johnny Canuck	Read Replies (1) of 70055

Celestica falls 15% on weak outlook Celestica Inc. shares plunged 15 per cent yesterday as analysts lowered their ratings for the stock after the company issued third-quarter guidance that was well short of analysts' estimates. Analysts were surprised at how weak the current quarter is shaping up for Celestica, based on soft orders the Toronto-based electronics manufacturing services company has received in July. "They indicated it was due to a slowdown in orders from some of their larger customers," said Genuity Capital analyst David Hodgson. Celestica's weak outlook seems to be company-specific because a number of rivals and customers have reported reasonable business trends in the near term, he added. "So that's why I think the results and the outlook came as somewhat of a shock to the investment community and why the stock is reacting the way it is today, which is quite negatively," Hodgson said. Celestica shares fell by as much as 17 per cent, closing trading at $14.89 on the Toronto Stock Exchange yesterday, down $2.63, or 15 per cent, from Thursday's close — after which the second-quarter financial report was issued. canadian press

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