OCZ Tech (OCZ) Hit on Continued 10-Q Uncertainty, Two-Notch Downgrade on Segment Peers
Tweet
Share
E-mailGet Alerts OCZ Hot Sheet
Join SI Premium – FREE
OCZ Technology Group (Nasdaq: OCZ) shares are getting hit Friday following more news related to quarterly filings as well as a big downgrade for two of its segment peers today.
After the market closed, OCZ affirmed a delay in filing its 10-Q due to "the impact of customer incentive programs which were discovered during the normal close process." OCZ also noted that it wouldn't be able to estimate the "exact filing date of the Form 10-Q for the quarter ended August 31, 2012."
As disclosed before, OCZ said, "[t]he Company's financial statements are still under review. As a result, the Company is not in a position to make any statement with respect to revenue for the quarter ended August 31, 2012 in comparison to the prior year fiscal quarter. The Company expects to report negative gross margins and a significant net loss for the quarter ended August 31, 2012."
Additionally, Citigroup downgraded both Seagate (Nasdaq: STX) and Western Digital (Nasdaq: WDC) from Buy to Sell today, a two-notch move on each.
Shares of OCZ are down over 17 percent on the session Friday.
After the market closed, OCZ affirmed a delay in filing its 10-Q due to "the impact of customer incentive programs which were discovered during the normal close process." OCZ also noted that it wouldn't be able to estimate the "exact filing date of the Form 10-Q for the quarter ended August 31, 2012."
As disclosed before, OCZ said, "[t]he Company's financial statements are still under review. As a result, the Company is not in a position to make any statement with respect to revenue for the quarter ended August 31, 2012 in comparison to the prior year fiscal quarter. The Company expects to report negative gross margins and a significant net loss for the quarter ended August 31, 2012."
Additionally, Citigroup downgraded both Seagate (Nasdaq: STX) and Western Digital (Nasdaq: WDC) from Buy to Sell today, a two-notch move on each.
Shares of OCZ are down over 17 percent on the session Friday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citigroup set to join top banks in Anthropic IPO - Bloomberg
- Citi upgrades O-I Glass to Buy with $9 price target, opens 90-Day upside catalyst watch
Create E-mail Alert Related Categories
Insiders' Blog, Momentum MoversRelated Entities
CitiSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
