Irvine-based Microsemi Corp.’s stock fell 14% Monday after a profit warning, while Irvine’s Broadcom Corp. closed up 9% after bullish comments from an analyst.
Microsemi stock fell after it warned late Friday that profits would fall short of its previous guidance for the current quarter.
Chipmaker Microsemi said adjusted earnings could decline by as much as 4% for the quarter vs. a year earlier.
Microsemi earlier said it could see earnings growth of 7% to 9%.
Revenue is expected to be flat to up 2%.
Earlier expectations called for gains of nearly 10%. The company blamed overall market weakness with “no one market standing out.”
Microsemi will announce its quarterly results on Nov. 16.
Broadcom jumped after an analyst raised his fourth-quarter and 2007 earnings estimates for the company.
BMO Capital Markets analyst Ambrish Srivastava said in a research note that Broadcom’s visibility has improved going into the fourth quarter and that the company’s 12-week rolling forecast has stabilized.
