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Stock of San Diego's Novatel Wireless, broadband access equipment provider, has plunged 24.3 percent today (Aug. 20) following a weak earnings projection and analyst downgrades. The company expects to be barely profitable in the second quarter, down from a profit of $8 million in the same period a year earlier. Excluding certain charges, the company expects to report profit of 3 cents a share. Wall Street analysts were expecting 14 cents. For its third quarter, Novatel expects a small loss or a breakeven performance. Two brokerage houses downgraded the stock on hearing the news. The stock has been as high as $27.20 this year.
Stock of San Diego's Novatel Wireless, broadband access equipment provider, has plunged 24.3 percent today (Aug. 20) following a weak earnings projection and analyst downgrades. The company expects to be barely profitable in the second quarter, down from a profit of $8 million in the same period a year earlier. Excluding certain charges, the company expects to report profit of 3 cents a share. Wall Street analysts were expecting 14 cents. For its third quarter, Novatel expects a small loss or a breakeven performance. Two brokerage houses downgraded the stock on hearing the news. The stock has been as high as $27.20 this year.