ANADIGICS off 28% on weak Q3 outlook; Piper Jaffray initiates with ‘neutral’

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Semiconductor solutions provider ANADIGICS Inc. (Nasdaq:ANAD) is down 28% today after reporting a bleak third-quarter financial outlook after the close on Tuesday. The company anticipates third-quarter sales of $75 million to $81 million with earnings per share between $0.10 and $0.14 per share, below Wall Street estimates of  $0.16 per share on revenues of $83 million.

After the open today, analysts at Piper Jaffray initiated coverage of ANADIGICS with a “neutral” rating.  At 10:23 a.m. ET, Warren, N.J.-based ANADIGICS is at $6.31, down $2.56 from Tuesday’s close. Trading volume has soared above 3 million shares.

For detailed price information and recent news stories about ANADIGICS Inc., click ANAD.