Electronics for Imaging (Nasdaq: EFII) shares fell $5.63, or 33 percent, to $11.50 Tuesday, one day after it met third-quarter estimates and warned of a weak fourth quarter.
In the quarter, the vendor of network printing technology reported third quarter net income of $20 milion, or 37 cents per share. That was in line with the estimate produced by First Call's survey of five analysts.
However, Electronics for Imaging also said it sees fourth quarter earnings per share ranging between 6 cents and 12 cents, excluding acquisition-related charges. First Call consenus was predicting a profit of 43 cents per share for Electronics for Imaging's December quarter.
Economic conditions and product shifts will hurt fourth quarter results, the company said.
On Tuesday, USB Piper Jaffray cut its 12-month price target on the stock from $20 a share to $15 a share and maintained its "neutral" recommendation.
Third quarter revenue of $153 million was down slightly from the year-ago period, when Electronics for Imaging saw $158 million in sales.
Electronics for Imaging bought back $40 million in shares during the third quarter, and has repurchased $84 million total under a previously announced $100 million buyback program.>