NetApp Down Over 20% After Preliminary 1Q Results Come in Lower than Previous Guidance -- Data Talk

NetApp, Inc. (NTAP) is currently at $46.05, down $11.66 or 20.2%

-- Would be lowest close since Nov. 15, 2017, when it closed at $45.82

-- On pace for largest percent decrease since Nov. 15, 2000, when it fell 20.91%

-- On Thursday, MarketWatch reported that NetApp said that it expects to report earnings of 30 cents to 35 cents a share on sales of $1.22 billion to $1.23 billion for its fiscal first quarter, with adjusted earnings of 55 cents to 60 cents a share. That is lower than NetApp's forecast, which called for earnings of 56 cents to 64 cents a share on sales of $1.32 billion to $1.47 billion, with adjusted earnings of 78 cents to 86 cents a share. Analysts on average were projecting adjusted earnings of 83 cents a share on sales of $1.39 billion, according to FactSet

-- Earlier Friday, Benzinga reported that Piper Jaffray cut its rating on NetApp to neutral from overweight and lowered its price target to $48.00/share from $75.00/share. Bank of America and Cross Research also cut their ratings on NetApp, Benzinga said

-- Currently down three consecutive days; down 22.59% over this period

-- Worst three day stretch since the three days ending Oct. 7, 2008, when it fell 23.96%

-- Down 22.83% year-to-date

-- Down 43.62% from 52 weeks ago (Aug. 3, 2018), when it closed at $81.68

-- Would be a new 52 week closing low

-- Down 21.07% at today's intraday low; largest intraday percent decrease since Aug. 3, 2007, when it fell as much as 21.18%

-- Worst performer in the S&P 500 today

-- Eighth most active stock in the S&P 500 today

-- Worst performer in the Nasdaq 100 today

-- Fourth most active stock in the Nasdaq 100 today

All data as of 10:13:24 AM

Source: Dow Jones Market Data, FactSet

(END) Dow Jones Newswires

August 02, 2019 10:45 ET (14:45 GMT)

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