NVE Slides 24% Premarket as Q2 Sales Fall 8%
NVEC sits 28% above its 52-week low of $57.21.
Summary
NVE shares dropped 24% in premarket trading to $78.00 after the company reported an 8% year-over-year revenue decline to $5.8 million for the September quarter. Product sales fell 9%, offsetting higher contract research and development revenue. Profit slipped to $3.2 million, or 65 cents a share, from $3.3 million, or 68 cents a share. The company declared a quarterly dividend of $1.00 a share, and first-half revenue is up 36% to $16.9 million. The results were released late Wednesday, and this is the first trading session pricing them in.
At the time of this announcement, NVEC was trading at $73.26 on NASDAQ in the Technology sector, with a market capitalization of approximately $498.6M. The 52-week trading range was $57.21 to $135.00. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.