Anadigics sinks on lowered third-quarter guidance
Shares of Anadigics, Inc. (Nasdaq:ANAD) are swooning in pre-market trading after the provider of semiconductors for broadband wireless and wireline communications markets said late Thursday that it is lowering its third quarter financial guidance on account of a decline in product demand from its wireless handset customers. Additionally, the company reported that it will delay the previously announced acceleration of investment in wafer capacity plans in Kunshan, China.
Shares crumbled 22%, or $1.32, to $4.61 in pre-market trading. For detailed price information and recent news stories about Anadigics, click ANAD.
About the Author
Reporter Jennifer Schonberger is based in SmallCapInvestor.com's Washington, D.C. bureau.
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