Extreme Networks (NASDAQ:EXTR) disappointed investors after the bell Monday, announcing it plans to report lower than expected revenue of about 66 million, when earnings are released on the 26th of October. The company cited soft business in North America, with some deals that were either lost or delayed into the next quarter. Shares fell about 13 and a half percent early Tuesday.
St. Jude Medical (NYSE:STJ) announced preliminary results for its quarter ended October 3rd. Investors were disappointed by lower than expected sales, which are expected to drive lower earnings than previously forecast. The company said its customers adjusted their purchasing behavior during the quarter, reacting to both macro economic factors and possible healthcare reform. Shares of St. Jude fell more than 11%.
Nanotechnology venture capital firm Harris & Harris Group (NASDAQ:TINY) priced an overnight offering of 4.25 million common shares, at 4 dollars and 75 cents each. The company said it would use the proceeds to make new venture capital investments, as well as follow-on investments in existing portfolio companies. Shares were down more than 11%.
Other companies turning to the capital markets included Lithia Motors (NYSE:LAD), announcing a 4 million share offering. The company operates automotive franchises, and said it plans to use the proceeds for general corporate purposes including possible acquisitions. JP Morgan (NYSE:JPM) was the sole bookrunner for the offering. Shares of Lithia Motors were down more than 5 and a half percent.
For MarketNewsVideo.com, I'm Sayoko Murase.
