ORANGE COUNTY

Emulex Stock Falls: Emulex Corp.’s stock has lost 22% of its value since Tuesday, when the Costa Mesa-computer products company’s chief executive expressed a “cautious” outlook for future performance. The stock, which trades on the NASDAQ market, closed at $6.50 Friday, down $1.625 for the day and down $2 since the comments appeared in the company’s earnings report. On Tuesday, President Robert N. Stephens said he was pleased with the quarter’s results, but he added, “Our outlook for future performance is cautious due to chip capacity concerns and softness in terminal server revenues.” The company reported earnings of $2.2 million for its latest fiscal quarter. That contrasts with a net loss of $5.9 million, or 55 cents a share, which included a $6.2-million loss from discontinued operations. Revenue rose 33% to $26.8 million from $20.1 million.