Reuters: Global Markets: OCZ Technology shares fall on weak results

Reuters: Global Markets Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

OCZ Technology shares fall on weak results Jul 11th 2012, 15:41 Wed Jul 11, 2012 11:41am EDT (Reuters) - Shares of OCZ Technology Group Inc (OCZ.O) fell as much as 20 percent on Wednesday after the solid-state device maker reported first-quarter results below analysts' estimates. At least five brokerages, including Piper Jaffray and Needham & Co, cut their price targets on the stock. The company reported a bigger-than-expected quarterly loss on Tuesday, citing supply chain shortages. The shortage of power regulators at the end of the quarter lowered revenue by several millions, Sterne Agee analyst Alex Kurtz said in a note to clients. Kurtz cut his price target on the company's stock to $11 from $13. "Without the shortage, revenue could have been as high as $140 million," FBN Securities analyst Shelby Seyrafi wrote in a note. He downgraded the stock to "sector perform" from "outperform." OCZ Technology's quarterly revenue was $113.6 million. Piper Jaffray and Needham cut their price targets, citing working capital constraints, increasing competition and low research and development spending compared to rivals. San Jose, California-based OCZ, which competes with STEC Inc (STEC.O), Seagate Technology Plc (STX.O) and Western Digital Corp (WDC.O), specializes in making high-end storage-media known as solid-state drives, or SSDs, which do not have movable parts like traditional hard-disk drives. Shares of the company were down 16 percent at $4.59 on Wednesday on the Nasdaq. The stock, which touched a low of $4.36 earlier, was one of the biggest percentage losers on the Nasdaq. (Reporting by Neha Alawadhi in Bangalore; Editing by Sriraj Kalluvila) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions