Flextronics International Ltd. (NASDAQ: FLEX) closed at $7.10 but shares are down 3.8% at $6.83 on 98,065 shares of stock as of 8:43 AM EST. This is effectively making the stock the worst reaction for the electronics manufacturing service or EMS stocks. The earnings Were $0.17 EPS and $6.6 billion in revenues versus Thomson Reuters estimates of $0.15 EPS and $6.3 billion. The guidance is the problem because other EMS players have raised guidance: $0.13 to $0.16 EPS on $5.8 to $6.2 billion in revenues; Thomson Reuters estimates are $0.13 EPS and $5.8 billion. Sometimes good isn’t good enough.
The 52-week trading range is $1.81 to $7.97 and average volume is over 8 million shares. Shares had been down 7% and the Needham upgrade to BUY is probably keeping this from being worse.
JON C. OGG
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