Mellanox Technologies Ltd. (NASDAQ: MLNX), a fabless semiconductor company engaged in the production and supply of interconnect products that facilitate data transmission between servers, storage systems and communications infrastructure equipment and other embedded systems, is sinking in mid-day trading today after the company lowered its revenue forecast for the fourth quarter.
MLNX expects fourth-quarter revenue to be between $119 million and $121 million, which is significantly below the company’s previous guidance range of $145 million to $150 million.
MLNX is currently trading 13.74% lower at $52.78 on volume of 6.06 million, which is significantly above the daily average volume of 1.13 million.
MLNX has fallen below key technical levels as a result of the sell-off today.
Oracle Corporation (NASDAQ: ORCL), a provider of enterprise software and computer hardware products and services, is marginally lower in mid-day trading today, reversing some of the gains from earlier this week.
ORCL is currently trading 0.46% lower at $34.53 on volume of 6.89 million, which is nearly a third of the daily average volume of 23.77 million. ORCL has gained more than 4.5% this week, despite today’s pullback. ORCL had risen sharply earlier this week from $33, which is a key support level for the stock. The stock hit a 52-week high of $34.75 earlier today, however, it is seeing a pullback on profit booking.
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