In this report: EZchip Semiconductor Limited (NASDAQ:EXCH), Sinclair Broadcast Group (NASDAQ:SBGI) and Syms Corp. (NASDAQ:SYSM).
EZchip Semiconductor Limited (NASDAQ:EXCH) is trading over 11 percent lower today after releasing a weaker than expected guidance for the fourth quarter. The company reported third quarter earnings of 35 cents per share, 3 cents ahead of Wall Street expectation. Revenue jumped 14 percent during the period to $18.7 million, again beating analyst estimates of $18.43. Following the earnings release the company said that for the fourth quarter it expects revenue of $13.1 million to $14 million, lower than the $19.98 million analysts anticipate. The company said that the market climate has led manufacturers to reduce inventories and that based on current indications it expects fourth quarter revenues to drop by 25-30 percent compared with third quarter results.
Sinclair Broadcast Group (NASDAQ:SBGI) jumped more than 18 percent today after the company reported the results from its third quarter. The company reported revenue of $180.9 million, topping Wall Street estimates of $177.2 million. Earnings per share increased to 24 cents per share as the company lowered financing costs and boosted income from investments. That result topped analyst expectations of 18 cents per share. The company also announced on Wednesday that it would buy WRGB, Channel 6 and 7 other stations for $385 million.
Syms Corp. (NASDAQ:SYSM) and its subsidiary Filenes Basement have filed for bankruptcy protection. The company will close all of its 46 stores on two and a half years after it bought Filene’s basement out of bankruptcy protection for $62.4 million. The company’s CEO Marcy Syms said that the two companies could not overcome increasing competition from department stores that offer the same brands with similar discounts. Liquidation of the company is expected to last until January.
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