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Spreadtrum Plunges Amid Chinese Wireless Shake-Up
Posted on June 09, 2008
Shares of $323 million (market cap) cell phone chip maker Spreadtrum Communications (SPRD), which focuses on chips for phones in China, is down almost 17%, or $1.55, at $7.81, after Roth Capital Partners analyst Jay Srivatsa wrote in a note that his recent trip to Asia reveals handset ships have been down the last two months because of sluggish demand and weak macro [economic] conditions. He thinks that means Spreadtrum won t meet its forecast for the June quarter of $40 million to $41 million in sales, given back on May 15 in the company s first quarter press release. Srivatsa lower...
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