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Multi-Fineline Electronix (MFLX) Dropped Sharply On Guidance News

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Multi-Fineline Electronix (MFLX: Quote) announced after the bell Monday that it now expects first-quarter net sales of about $290 million, compared with its prior guidance range of $260 million to $280 million. Analysts currently estimate revenues of $270.23 million. Looking ahead to the second quarter, the company expects a seasonal decline in revenue.

Multi-Fineline Electronix gapped open sharply lower Tuesday and declined during the first 2 hours of trade. Shares finished with a loss of 4.87 at $16.42 on the highest volume of the year. The stock sank to a month and a half low and dropped below its 50-day moving average.

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by RTT Staff Writer

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