Electronics manufacturing company Sanmina-SCI dropped 17.6% to $11.04 in premarket trading Thursday after cutting its second-quarter earnings forecast to between 28 cents and 32 cents a share, compared with analysts' forecasts of 41 cents a share and the company's previous forecast of 40 cents to 43 cents.The company said a delay in defense market projects and shipments due to federal budget uncertainty, a recently resolved labor strike in India delaying certain product shipments and short-term softness in the optical market hurt its forecast. Sanmina said that its Chief Operating Officer Hari Pillai is stepping down, but will continue to serve as a consultant.
Novartis was rising 1.5% to $53.54 after the New England Journal of Medicine reported that the Xolair asthma drug the drug maker and its peer Roche sells helped cut symptoms in young adults and children.
Financial institutions Bank of America, Citigroup and UBS are all part of a U.S. investigation of the possible manipulation of the London Interbank Offered Rate, The Wall Street Journal reported. Citigroup was up 0.5% to $4.41, Bank of America was up 0.9% to $13.81 and UBS was rising 1% to $18.10 in premarket trading.
Drug developer Abbott Labs was rising 0.6% to $47 after DepoMed said in a regulatory filing that it has reached a settlement agreement with the former with regard to Gralise, a once-daily treatment for postherpetic neuralgia. DepoMed was 0.4% higher at $8.71.
Athletic apparel retailer Lululemon Athletica was flat at $79.42 after reporting fourth-quarter earnings of 76 cents a share including a tax adjustment, and earnings of 64 cents a share on an adjusted basis, beating expectations of 57 cents a share.
Specialty retailer Guess? posted an in-line adjusted profit for its fiscal fourth quarter but gave a below-consensus outlook.
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