Microsemi Shares Sank, Then Recovered: What You Need to Know

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What: Shares of Microsemi (NAS: MSCC) plunged this morning by 12%, only to recover to a roughly 3% loss as of this writing, after the company reported earnings last night.

So what: It's not clear what all the fuss was about, since the results came in on par with expectations. Revenue was $240.9 million and earnings per share was $0.39. Microsemi sees a profit of between $0.43 and $0.48 next quarter, also in line with the $0.46 that the Street is expecting.

Now what: The list of companies affected by the Thailand floods last year is pretty long and includes Microsemi. The company lost about $3.5 million related to the disaster and related facility closures, but that loss isn't included in its non-GAAP figures, among other things. Needham & Company has also reiterated its strong buy rating and $26 price target, saying it believes that Microsemi's core business remains poised to recover from the floods.

Interested in more info on Microsemi? Add it to your watchlist byclicking here.

At the time this article was published Fool contributorEvan Niuholds no position in any company mentioned.Click hereto see his holdings and a short bio. Try any of our Foolish newsletter servicesfree for 30 days. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. The Motley Fool has adisclosure policy.

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