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Last Update: 28-Dec-11 17:38 ET
Exar (EXAR) Guides Third Quarter Revenue Below Consensus
Stocks finished near their worst levels of the session as renewed concerns over the situation in Europe weighed on the major averages. Today’s news that spooked investors included reports that deposits at the European Central Bank hit a record high EUR452 billion and that the central bank’s balance sheet has expanded to a record EUR2.73 trillion. The Dow finished with a loss of 140 points as all of the major averages lost at least 1.1%.
After the close, there are no notable names scheduled to report earnings results.
In separate news, Exar (EXAR) guides third quarter revenue. The company sees Q3 revs $28-30 mln vs $33.09 mln Capital IQ two est avg with a non-GAAP gross margin of 48-50%. "The revenue outlook across all product lines has fallen below the original forecasted range due to weaker economic conditions in Asia and Europe and continued inventory corrections."
Futures are higher after hours: S&P 500 futures are +1.17 from fair value of 1244.23 and Nasdaq100 futures are +1.56 from fair value of 2263.14.
Tomorrow morning before the open, one economic report is scheduled to be released: 1) Initial claims (Consensus 368K) and Continuing claims (Consensus 3600K).
Tomorrow before the open look for the following companies to report: None.
After the close, there are no notable names scheduled to report earnings results.
In separate news, Exar (EXAR) guides third quarter revenue. The company sees Q3 revs $28-30 mln vs $33.09 mln Capital IQ two est avg with a non-GAAP gross margin of 48-50%. "The revenue outlook across all product lines has fallen below the original forecasted range due to weaker economic conditions in Asia and Europe and continued inventory corrections."
Futures are higher after hours: S&P 500 futures are +1.17 from fair value of 1244.23 and Nasdaq100 futures are +1.56 from fair value of 2263.14.
Tomorrow morning before the open, one economic report is scheduled to be released: 1) Initial claims (Consensus 368K) and Continuing claims (Consensus 3600K).
Tomorrow before the open look for the following companies to report: None.
