Shares of ADC Telecommunications sunk after the company warned that first-quarter earnings will be lower than expectations and also posted a net loss in the fourth quarter.
Because of lower spending by major phone companies, ADC said the decline will be sharp this year, with sales in the first quarter coming in between $250 million to $275 million, with a loss of 15 cents to 4 cents per share including a non-cash amortization expense of 5 cents per share.
Stocks of ADC fell 81 cents, or 12.2 percent, to $5.83 in afternoon trading.
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