Harris Stratex Networks Cut To Neutral From Buy At Merriman
May 2, 2007 01:08:42 (ET)
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Stock Rating Reiterations Midday Update: HSTX MATH PLT SOHU
May 2, 2007 12:23:10 (ET)
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May 2, 2007 12:27:07 (ET)
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Harris Stratex Networks' (HSTX, $15.73, -$4.10, -20.67%) shares fell after the Research Triangle Park, N.C.-based supplier of wireless networking products reported a fiscal third-quarter net loss of $23.2 million, or 58 cents a share, compared with a net loss of $6.9 million last year. The quarter included $28.9 million in pre-tax charges associated with the merger of Harris Microwave and Stratex Networks. Excluding certain items, the company posted a profit of $3.7 million, or 6 cents a share. Revenue rose to $139 million from $73.6 million in the same quarter last year. Analysts polled by Thomson Financial were expecting, on average, a profit of 21 cents a share. Harris forecast second-half earnings, excluding items, of 19 cents to 24 cents a share, and fiscal 2008 earnings, excluding items, of $1.05 to $1.22 a share.
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May 02, 2007 12:27 ET (16:27 GMT) |
