Informatica, HP, Sirius: Tech Premarket
NEW YORK (TheStreet) -- Informatica(INFA) was a major loser in premarket trading on Thursday after reporting weaker-than-expected preliminary third-quarter results.
Shares of Informatica tumbled 19.66% to $27.02 after the company projected revenue between $189 million and $191 million. Excluding items, the data integration specialist expects earnings between 25 cents and 27 cents a share. Analysts surveyed by Thomson Reuters are looking for revenue of $200.77 million and earnings of 34 cents a share.
"While overall customer demand for our products increased from the second quarter to the third quarter of 2012, most of our revenue shortfall in the third quarter was in Europe, where we fell well short of our own expectations," noted Sohaib Abbasi, Informatica CEO, in a statement released before market open.
Informatica was also one of the most active premarket Nasdaq stocks on share volume of 931,144.
The No. 1 PC maker endured a massive selloff on Wednesday after it projected fiscal 2013 earnings of $3.40 to $3.60 a share, well below Wall Street's estimate of $4.18 a share. HP CEO Meg Whitman also underlined the long-term nature of the company's turnaround, warning that 2013 is a "fix and rebuild year."
HP said it's on track to complete its restructuring by the end of fiscal 2014. By 2016, Whitman expects to see the company's revenue growing in line with GDP and operating profit growing faster than revenue.
Shares of the Palo Alto, Calif.-based firm plummeted 12.96% during Wednesday's trading on unusually high volume.
Sirius XM(SIRI) shares rose 0.73% to $2.75 before market open on share volume of 495,220.
Facebook(FB) was another active premarket stock, rising 1.74% to $22.21 on share volume of 406,210.
--Written by James Rogers in New York.
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