NetApp Down Over 20% After Preliminary 1Q Results Come in Lower than Previous Guidance -- Data Talk
August 02 2019 - 11:00AM
Dow Jones News
NetApp, Inc. (NTAP) is currently at $46.05, down $11.66 or
20.2%
-- Would be lowest close since Nov. 15, 2017, when it closed at
$45.82
-- On pace for largest percent decrease since Nov. 15, 2000,
when it fell 20.91%
-- On Thursday, MarketWatch reported that NetApp said that it
expects to report earnings of 30 cents to 35 cents a share on sales
of $1.22 billion to $1.23 billion for its fiscal first quarter,
with adjusted earnings of 55 cents to 60 cents a share. That is
lower than NetApp's forecast, which called for earnings of 56 cents
to 64 cents a share on sales of $1.32 billion to $1.47 billion,
with adjusted earnings of 78 cents to 86 cents a share. Analysts on
average were projecting adjusted earnings of 83 cents a share on
sales of $1.39 billion, according to FactSet
-- Earlier Friday, Benzinga reported that Piper Jaffray cut its
rating on NetApp to neutral from overweight and lowered its price
target to $48.00/share from $75.00/share. Bank of America and Cross
Research also cut their ratings on NetApp, Benzinga said
-- Currently down three consecutive days; down 22.59% over this
period
-- Worst three day stretch since the three days ending Oct. 7,
2008, when it fell 23.96%
-- Down 22.83% year-to-date
-- Down 43.62% from 52 weeks ago (Aug. 3, 2018), when it closed
at $81.68
-- Would be a new 52 week closing low
-- Down 21.07% at today's intraday low; largest intraday percent
decrease since Aug. 3, 2007, when it fell as much as 21.18%
-- Worst performer in the S&P 500 today
-- Eighth most active stock in the S&P 500 today
-- Worst performer in the Nasdaq 100 today
-- Fourth most active stock in the Nasdaq 100 today
All data as of 10:13:24 AM
Source: Dow Jones Market Data, FactSet
(END) Dow Jones Newswires
August 02, 2019 10:45 ET (14:45 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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