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    Here’s what just happened that triggers stock market drops 71% of the time, warns Credit Suisse

    Here’s what just happened that triggers stock market drops 71% of the time, warns Credit Suisse

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    Twitter’s stock falls toward a 7th-straight loss

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    Nikola Corp. stock falls Monday, underperforms market

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    US Seeks to Fine Air Canada $25.5 Million Over Slow Refunds

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  • News
    Here’s what just happened that triggers stock market drops 71% of the time, warns Credit Suisse

    Here’s what just happened that triggers stock market drops 71% of the time, warns Credit Suisse

    Asian Shares Advance Despite Losses on Wall Street

    Asian Shares Advance Despite Losses on Wall Street

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    Bitcoin Tumbles, a Stablecoin Plunges in Wild Week in Crypto

    Vizio Swings to 1Q on Decline in Device Sales

    Vizio Swings to 1Q on Decline in Device Sales

  • NYSE
    Doximity stock plummets after forecast, heads lower than IPO price for first time

    Doximity stock plummets after forecast, heads lower than IPO price for first time

    Coca-Cola Co. stock falls Tuesday, underperforms market

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    Twitter’s stock falls toward a 7th-straight loss

  • NASDAQ
    Alkermes (NASDAQ:ALKS) Has Debt But No Earnings; Should You Worry?

    Alkermes (NASDAQ:ALKS) Has Debt But No Earnings; Should You Worry?

    Costco Wholesale Corp. stock falls Tuesday, underperforms market

    Costco Wholesale Corp. stock falls Tuesday, underperforms market

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    LumiraDx Limited (NASDAQ:LMDX) Sees Large Decrease in Short Interest

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    Nikola Corp. stock falls Monday, underperforms market

  • OTC
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    China Eastern Airlines 3Q Loss Widens on Low Travel Demand

    Corus Entertainment 4Q Profit Falls

    Corus Entertainment 4Q Profit Falls

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    Nintendo Co. Ltd. ADR falls Monday, still outperforms market

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    Ocado Group PLC Revenue of Ocado Retail in Q3 Fell 10.6%

  • TSX
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    S&P/TSX composite falls on drop in materials sector, loonie tops 81 cents US

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    CN Rail Stock Is So Undervalued That it’s Absurd

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NetApp stock falls as earnings forecast comes in under Street view

Editorial Staff by Editorial Staff
February 23, 2022
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NetApp stock falls as earnings forecast comes in under Street view

NetApp Inc. shares dropped in the extended session Wednesday after the cloud-based data-services company’s fourth-quarter earnings forecast fell short of Wall Street expectations.

NetApp NTAP, -2.36% shares fell 7% after hours, following a 2.3% decline in the regular session to close at $84.09.

NetApp forecast earnings of $1.21 to $1.31 a share on revenue of $1.64 billion to $1.74 billion for the fourth quarter, and $5.07 to $5.17 a share on 10% revenue growth, or $6.32 billion, for the year.

Analysts had estimated $1.35 a share on revenue of $1.67 billion for the fourth quarter, and $5.06 a share on revenue of $6.31 billion for the year.

The company reported fiscal third-quarter net income of $252 million, or $1.10 a share, compared with $182 million, or 80 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $1.44 a share, compared with $1.10 a share in the year-ago period.

Revenue rose to $1.61 billion from $1.47 billion in the year-ago quarter.

Analysts surveyed by FactSet had forecast $1.28 a share on revenue of $1.61 billion.

“Q3 results and positive growth outlook are powered by the alignment of our differentiated technology portfolio with customer priorities for cloud and digital transformation,” said George Kurian, NetApp chief executive, in a statement. “Our focused execution and effective management of temporary supply-chain headwinds enable us to capture our expanding opportunity while investing for continued growth and delivering operating leverage.”

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Here’s what just happened that triggers stock market drops 71% of the time, warns Credit Suisse

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