Matt Potter 11 a.m., July 30
Novatel Stock Down 24.3 Percent as Wireless Company Foresees Rough Times
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.