Emulex Stock Takes Hit Despite Its Forecasts

Despite assurances by Emulex Corp. executives about its earnings prospects, Wall Street on Wednesday knocked down the stock price of the Costa Mesa maker of data storage networking equipment by 9%.

The company’s stock fell $9.50 to close at $93 a share on Nasdaq.

Early in the day, Emulex executives told a conference in Santa Barbara that it still expected to meet previous earnings estimates of 85 cents a share for its fiscal year, ending in June, and $1.10 a share for the next fiscal year. Executives said they expect fiscal third-quarter revenue to rise 15% to 17% over the previous quarter.

The company first gave these forecasts when it reported fiscal second-quarter earnings Jan. 18.