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For Chipmaker Xilinx, Investors Accepted "Good' News As "Bad' Stock Takes A 12% Plunge Midquarter sales guidance was at high end of range, but analysts wanted more.(INTERNET & TECHNOLOGY)
Byline: JAMES DETAR
Burned so much by techs over the last two years, the stock market can be a tough audience. Just ask Xilinx Inc.
The chipmaker gave midquarter guidance Monday at the high end of its previous guidance. It said it expects sales for its third fiscal quarter ended June 30 to be 8% higher than last quarter's results. Earlier, it had said it expected a 6% to 8% increase.
The problem is that in the intervening time, some analysts had predicted a 10% rise.
The market reacted fast, swiftly taking Xilinx shares down about 14%. By the end of the trading day, the stock was up just a bit from its low point. It closed down 4.25, or 12%, at 31.01, a seven-month low.
Battered by the long downturn, tech executives are in no mood for the vagaries of the stock market.
Kris Chellam, Xilinx chief financial officer, says he's disappointed by Monday's sell-off.
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