Don't let it get away!
Help yourself with the Fool's FREE and easy new watchlist service today.
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Coherent (Nasdaq: COHR ) plunged today by as much as 14%, after the company reported fourth quarter earnings.
So what: Revenue in the fourth quarter tallied up to $188.7 million, shy of the $195.3 million that investors were expecting. The bottom line missed by even more, with the non-GAAP earnings per share of $0.71 falling short of the $0.85 per share consensus estimate.
Now what: Needham & Company offered up some comments while downgrading its rating on the stock to "hold." Part of the miss was attributed to delays in receiving important components from a vendor in its display business. CEO John Ambroseo said the component delays negatively affected revenues to the tune of $7 million. Microelectronics bookings fell, and first quarter guidance was also soft, which, when combined with the fourth quarter weakness, has sparked a sell-off.
Interested in more info on Coherent? Add it to your watchlist by clicking here.