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 Photronics (NASDAQ:PLAB) have gotten crushed today, down by as much as 11% after the company reported earnings.
So what: Revenue in the fiscal second quarter totaled $106.7 million, down 9% from a year ago and below the $108.5 million consensus estimate. That also led to a bottom-line miss, with Photronics posting earnings per share of $0.08, near the lower end of guidance and also shy of the $0.09-per-share profit that investors were expecting.
Now what: CEO Constantine Macricostas acknowledged that the company saw weakness at a "key Asian foundry customer," and flat panel orders came in as expected. Photronics hopes conditions to improve in the coming quarters, particularly within its high-end equipment deployments. High-end IC photomask sales were encouraging, up 31% sequentially.
Interested in more info on Photronics? Add it to your watchlist by clicking here.