Reuters: Global Markets: Freescale shares fall on weak sales outlook

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Freescale shares fall on weak sales outlook Jul 20th 2012, 14:02 Fri Jul 20, 2012 10:02am EDT (Reuters) - Shares of Freescale Semiconductor Holdings Ltd (FSL.N) fell nearly 12 percent in early trade after the chipmaker forecast third-quarter revenue below expectations and several brokerages cut their price target on the stock. The company, whose chips are used in a number of electronic devices including Amazon.com Inc's (AMZN.O) Kindle electronic readers, said it expects quarterly net sales between $955 million and $1 billion -- below analysts' estimates of $1.05 billion. "Within this, core sales are expected to be roughly flat while cellular is expected to decline to $25 million as one of two remaining customers no longer require products," Citi Research analyst Glen Yeung wrote in a note. Freescale's shares fell to a low of $9 on the New York Stock Exchange in early trade, and were among the biggest percentage losers on the exchange. They were later down almost 6 percent at $9.61.

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