December 05, 2012 at 08:26 AM EST
Altera Lowers Q4 Guidance (ALTR)

Programmable chip maker, Altera Corporation(ALTR) reported lowered guidance for their fourth quarter on Wednesday..

The company reported that they now expecting sales to decline by 8% to 10%, equaling approximately $450.5. ALTR’s previously estimated a decline of 6% to 10%. On average, analysts are expecting revenue of $455.2 million for Q4.

The primary customers of ALTR are manufacturers who produce everything from mobile phone towers, to routers, who use the company’s chips in their products. Due to customer spending cuts and decreased inventories, ALTR has seen a significant decline in sales.

Looking ahead, the company estimates gross margins in the range of 69% to 70%.

Altera shares were mostly flat during premarket trading Wednesday. The stock is down -13.05% YTD.

The Bottom Line
Shares of Altera Corporation (ALTR) have a 1.24% dividend yield, based on last night’s closing stock price of $32.18. The stock has technical support in the $29-$30 price area. If the shares can firm up, we see overhead resistance around the $34-$35 price levels.

Altera Corporation(ALTR) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here