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| Tuesday, December 12, 2006 |
Endwave Corp. tumbled $1.79, or 14 percent, to $11 after the maker of wireless communication components warned its 2006 revenue will fall below its prior guidance after the bell Monday.
The company said it now expects fourth-quarter revenue between $10 million and $12 million, which would imply sales growth of about 20 percent to 25 percent for 2006. This is below the 35 percent annual growth rate the company guided for previously.
Endwave said the decline would be temporary.
Nokia Corp., which is one of Endwave's customers, recently said it plans to reduce inventory more than previously expected, in a move related to a joint venture with Siemens AG.
Shares of Endwave closed at $12.79 Monday on the Nasdaq. |
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