Semtech (SMTC) Earnings Miss Forecasts and Pull Down Shares

Posted: Thursday, November 19, 2009 11:28 AM EDT

Semtech (NasdaqNM: SMTC) opened at $15.73. So far today, the stock has hit a low of $14.82 and a high of $15.92. SMTC is now trading at $15.17, down $1.81 (-10.66%). Over the last 52 weeks the stock has ranged from a low of $8.80 to a high of $19.16. Last night, SMTC reported a third-quarter loss of $20.9 million, or 34 cents per share. Exlcuding one-time items, SMTC earned 19 cents per share on revenue of $75.1 million, missing analysts' forecasts of 21 cents per share on revenue of $72.50 million. Technical indicators for the stock are bullish and S&P gives SMTC a positive 4 STARS (out of 5) buy ranking. If you are looking for a hedged play on SMTC the stock seems like it could be a candidate for a March out-of-the-money bear-call credit spread above the 17.50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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