EZchip Semiconductor Ltd. ( EZCH ) saw a big move last session, as the company's shares fell by over 24% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This continues the most recent downtrend for EZCH, as the stock is down over 24% in the past one month time frame.
On May 13, EZChip announced that Cisco- its largest customer- which accounted 35% of the company's revenue during the first quarter, doesn't plan to use EZChip's NPS-400 network processors in its next-generation router line cards. The announcement negatively impacted the company's shares.
This Fab Foundaries company has seen a flat track record when it comes to current year estimate revisions, as there has been no revision on either side over the past few weeks. The consensus for earnings estimate hasn't been in a trend either. This recent price action is discouraging, so make sure to keep a close watch on this firm in the near future, and especially on earnings estimates following the recent slump.
EZCH currently has a Zacks Rank #3 (Hold).
A better-ranked stock in the Technology sector is MeetMe, Inc. ( MEET ) which holds a Zacks Rank #1 (Strong Buy).
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