Legit News
Outlook Sinks ATI Shares, But Today is a New Day
Shares of ATI Technologies plunged more than 12% Thursday after the graphics chipmaker offered a disappointing outlook for its current, or fourth, quarter and missed revenue estimates for the just-completed period. Shares of ATI (ATYT) have bounced back a bit today and is currently trading at $14.09 per share, which is up 3.22% for the day.
The second half of the company's just-completed quarter was weaker than expected, said ATI CEO Dave Orton in an interview with TheStreet.com. The company expects its results to rebound later this year as Intel's introduction of new chips and Microsoft's introduction of its Vista update to its Windows operating system spur PC sales, Orton said. But the company isn't certain when sales will pick back up, he said. "We're excited about the back half of the year, but we don't know exactly the timing of the ramp," he said. "We thought it was prudent to be cautious."
Posted by | Fri, Jun 30, 2006 - 07:48 AM
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