Trident Microsystems plunges to year low on 4Q outlook
NEW YORK—Shares in chip maker Trident Microsystems Inc. plunged to a year low Tuesday on Wall Street reaction to its fiscal fourth-quarter outlook.
Thomas Weisel Partners analyst Heidi Poon said she was encouraged by the company's plan to regain customers but was concerned about the effectiveness of those efforts.
She said that the company's fundamental business was deteriorating faster than she previously expected. The company could begin losing money in the December quarter unless management "acts decisively" to reduce operating expenses, she added.
The company's shares fell 43 cents, or 9 percent, to $4.30. They earlier hit a year low of $4.18 after trading between $4.62 and $21.80 in the last year.
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