Here are some snippits from Briefing.com and it looks like all is not well. Is this due to a low end product mix that wasn't expected as high end inventory was being used for sales?
Applied Magnetics Corp. (APM) 27 1/2 -1 15/16: supplier of magnetic recording heads and of head stack assemblies for disk drives posts a fiscal 4Q net of $0.66 a share, well below the First Call estimate for a profit of $0.84 a share, vs year-ago net of $0.51 a share.....
Gateway 2000 Inc. (GTW) 31 1/4 -1 5/8: direct marketer of PCs posts a 3Q loss of $0.68 a share, including $113.8 mln in charges, vs year-ago net of $0.39 a share; company had already warned about problems in the qtr; revised First Call estimate was for a net of $0.11 a share; sales for the quarter rose 25% to $1.5 bln.....
Storage Technology (STK) 54 5/16 -13/16: data storage equipment concern posts a 3Q profit of $0.87 a share, four cents ahead of the First Call estimate, vs year-ago net of $0.65 a share; board okays buyback of up to $800 mln of its common stock.....
Komag Inc. (KMAG) 18 3/4 -7/16: manufacturer of thin film computer disks posts a 3Q loss of $1.01 a share, including $52 mln in restructuring charges, vs year-ago net of $0.31 a share; sees substantial rebound in 4Q sales and expects to be profitable in the quarter, although gross margins to remain under pressure until the first half of 1998; company was expected to lose $0.10 a share, excluding charge according to First Call.....
Read-Rite Corp. (RDRT) 20 9/16 -2 11/16: --UPDATE-- Hambrecht & Quist lowers fiscal 1998 EPS estimate for thinfilm recording heads for disk drives to $2.55 from $3.10 a share due to soft demand in the high-end disk drive market and a temporary decline in the number of heads per drive due to a downward shift in product mix in the disk drive industry.....
Overseas Markets: Top news story today is "crash" of Hong Kong stock market and reaction in Asian and European markets. Hong Kong index -10.4%, Japan -3.0%, Germany -4.6%, France -4.0%, Italy -2.8%, London down about 3% and still open, and most other markets down substantially as well.
StorMedia Inc (STMD) 6 1/8 +1/16: manufacturer of thin film disks for hard disk drives reports a 3rd qtr loss of $0.74 a share, more than twice as wide as the $0.35 a share loss expected by analysts. Revenues fell 47% to $22.23 mln.... |
