Today's Big Losers: New Gold, China Medical, Semtech Thursday, November 19, 2:56 PM ET
New Gold (AMEX:NGD) announced it was notified yesterday that the Mexican government's environmental protection agency nullified the mine's Environmental Impact Statement following a court ruling, and ordered the company to suspend its mining operations. New Gold said it plans to appeal the ruling. The news sent shares of New Gold plunging 17% in Thursday trading.
Shares of China Medical Technologies (NASDAQ:CMED) fell 15%, after reporting a loss from continuing operations of 26 cents per American Depositary Share. Revenue fell 14.4% year over year, impacted by recent price reductions and increased competition.
And shares of semiconductor company Semtech (NASDAQ:SMTC) fell more than 10 and a half percent, after the company posted a third quarter loss of 34 cents per share. Excluding a one-time tax expense, the company would have earned 19 cents, matching what the company earned in the same quarter last year. Net revenues were down 6% year over year, but grew 13% sequentially. Looking ahead to the fourth quarter, Semtech said net sales would be between flat to four percent higher compared to the third quarter, and earnings would be between 15 and 17 cents per share.
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