Novatel Wireless Inc. (NASDAQ: NVTL) is getting killed this morning. Shares were already close to 52-week lows, and now they are hitting fresh 52-week lows. The wireless broadband modem maker for laptops and cellular companies missed its earnings views and Piper Jaffray has slashed its rating down to Sell.
Shares were already down almost 70% from highs before this news, and now shares are down almost another 20% pre-market with indications under $7.00. We have seen about 35,000 shares trade hands with the last print at $6.85 as of 8:39 AM EST. It does have stoclk options that are fairly inactive and its average daily volume is about 1 million shares.
The stock does have one direct competitor. Sierra Wireless (NASDAQ SWIR) is trading down about 2% at $12.00 pre-market, and its 52-week trading range is $11.76 to $24.27. Sierra already saw its shares tumble in late-July after its earnings also missed the mark.
August 20, 2008
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