Altera Cuts Q1 Guidance Amid Customer Slowdown (ALTR)

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Semiconductor maker Altera Corporation ( ALTR ) late Thursday warned that its first quarter revenue could fall below the low-end of its previously-announced range.

The San Jose-based company said it now expects first quarter sales to fall between 7% and 9% from last year. ALTR's previous forecast was for a 5% to 9% decline.

That new range implies a revenue midpoint of around $421 million in revenue, which would miss Wall Street analysts' expectation for $427 million. For the second quarter, however, Altera said it continued to expect revenue to rise on a sequential basis from the first quarter.

Altera shares posted modest gains in premarket trading Friday.

The Bottom Line
Shares of Altera Corporation ( ALTR ) have a .86% dividend yield, based on last night's closing stock price of $37.42. The stock has technical support in the $33-$34 price area. If the shares can firm up, we see overhead resistance around the $40-$41 price levels.

Altera Corporation ( ALTR ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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