Amkor Technology Down 10.6% On Earnings Miss And Guidance (AMKR)

Shares of Chandler, Arizona-based Amkor Technology, Inc. AMKR are trading down 10.6% at $7.32 per share during the Thursday afternoon trading session. The day's trading range for shares of Amkor Technology, Inc has been between $7.11 and $7.53 per share. Analysts covering the company's stock give it a consensus price target of $9.15 per share. Volume of 3.6 million shares is already more than double the daily average volume of 1.6 million shares. Amkor Technology, Inc. (AMKR) announced after the market closed on Wednesday that it missed consensus Wall Street earnings expectations. Amkor Technology, Inc announced 4th quarter earnings of 20 cents per share, on revenue of $751 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 26 cents per share, on revenue of $735.85 million. President and chief executive officer Ken Joyce said, “Looking ahead to the first quarter of 2011, our strong position in gaming is amplifying typical seasonal patterns and we see some carryover of the inventory adjustments that began in the fourth quarter. The corresponding decline in utilization is expected to compress our gross margin in the first quarter.” The company forecast net income of $10 million to $35 million, or $0.05 to $0.14 per share, on net sales of $660 million to $690 million. Amkor Technology, Inc is a leading provider of semiconductor assembly and test services to semiconductor companies and electronics OEMs. Read more from Benzinga's Company news.