Zoran Corp. (ZRAN) Has Miserable Day
Shares in chip maker Zoran Corp. fell sharply Tuesday after the company released first-quarter earnings-per-share estimates well below analyst expectations.
Zoran shares fell $2.28, or 15.2 percent, to close at $12.75, after earlier hitting an annual low of $11.99. They had traded in the past year between $13.72 and $27.45.
Jefferies & Co. analyst Adam Benjamin said the outlook, released late Monday, showed seasonal weakness worsened by reduced consumer spending.
He lowered his fiscal 2008 earnings-per-share estimate to 98 cents from $1.41 and lowered his price target to $18 from $26.
Zoran shares fell $2.28, or 15.2 percent, to close at $12.75, after earlier hitting an annual low of $11.99. They had traded in the past year between $13.72 and $27.45.
Jefferies & Co. analyst Adam Benjamin said the outlook, released late Monday, showed seasonal weakness worsened by reduced consumer spending.
He lowered his fiscal 2008 earnings-per-share estimate to 98 cents from $1.41 and lowered his price target to $18 from $26.
Labels: Zoran Corp., ZRAN
posted by Stock Administrator @ 10:03 PM
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