NEW YORK (Dow Jones)--Spectrian Corp. (SPCT) Chief Financial Officer Bruce Wright said the company plans to issue a statement on market rumors that dragged down the company's stock Thursday.
Nasdaq halted trading in the company's shares at 50, off 14 7/8, or 22.9%, on volume of 2.2 million, compared with average daily volume of 388,500.
Wright said the company will comment on speculation surrounding its second-quarter earnings result and on reports a major customer issued a contract to a competitor. He wouldn't say when the statement will be released.
Analyst Eric Buck of Donaldson Lufkin & Jenrette Securities Corp. said the stock went into a tailspin over rumors the company may miss its second-quarter earnings projections.
A consensus of seven analysts surveyed by First Call Inc. have estimated the Sunnyvale, Calif., company will report earnings of 53 cents a share in its fiscal second quarter ended Sept. 30. The company posted a loss of $336,000, or 4 cents a share, on revenue of $22.3 million a year ago.
The company is scheduled to release its earnings Oct. 23.
A market source said another thing hampering Spectrian's stock was the news that its competitor, Powerwave Technologies Inc. (PWAV), received a $12.8 million contract from LG Information & Communications Co. and Samsung Electronics Co. of South Korea. Under the pact, Powerwave will supply its 50-watt multicarrier RF power amplifiers for installation in South Korea's digital cellular CDMA network. The award came as a surprise because LG Information is already a Spectrian customer. |
