Ken Harrison 7:30 a.m., June 27
Novatel, Mad Catz Stocks Walloped
Two San Diego tech stocks got thumped today (Aug. 5). Shares of Novatel Wireless, maker of modems and wireless networking gear, plunged 28.39% to $3.33. The company's second quarter loss narrowed to 12 cents per share from 70 cents in the same period a year ago, but analysts were expecting a loss of half as much.
Stock of Mad Catz Interactive, maker of accessories for videogame platforms and personal computers, plummeted 34.21% to 73 cents. Mad Catz reported a sales decline of 17% and profit drop of 34% for its most recent quarter. The company expressed concern about weakness in the videogame market.
At left: Mad Catz controller
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- Novatel Stock Down 24.3 Percent as Wireless Company Foresees Rough Times — Aug. 20, 2008