Newport skids 20% on analyst downgrade, swing to Q2 loss
Newport Corporation (Nasdaq:NEWP) has sunk more than 20% today after analysts at Brean Murray downgraded the Irvine, Calif.-based company to “hold” from “buy.” The research firm said that the outlook was unclear for Newport, which operates two sectors, lasers and photonics and precision technologies. The downgrade comes on the heels of Newport’s second-quarter earnings, in which the company swung to a quarterly loss.
During the past year, shares have ranged from $9.34 to $16.15. In today’s trading, Newport shares are at $10.26, down $2.54 from Wednesday’s close. Volume is nearly double the average number of shares.
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