Silicon Motion Technology’s (NASDAQ:SIMO) American depositary shares slipped in Monday’s pre-market session, after the semiconductor-holding company said based on preliminary results, it expects sequential revenue growth for Q1 to be near the high end of its original guidance range issued in January of flat to down 10%.
The company also said it expects gross margin to be within the lower half of its guidance range of 48% to 50%.
SIMO was down 2.3% at $16.32 in recent pre-market trading, in a 52-week range of $9.90 to $18.44. The decline indicates investors had been hoping the results would come in better than the initial guidance.
In Other Pre-Market News
GT Advanced Technologies (NASDAQ:GTAT) said it has received $58.6 million in orders this quarter for high temperature refractory metal furnaces that are used for industrial purposes.
The orders will be reflected in Q2 reportable backlog and it said revenue from these orders will be reflected in H2.
GTAT was lower nearly 3% in recent pre-market trade. The stock is trading near the higher end of the 52-week range between $3.03 and $19.44.
Intel Corporation (NASDAQ:INTC) has been upgraded by analysts at Pacific Crest to an outperform rating from sector perform.
The firm set its price target on the stock at $31 a share.
In the pre-market session, shares of INTC are up 0.31% to $26.24, and move within a 52-week range of $20.75 – $27.12.
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