Hi-P International is down 7.7% at $0.78 after it warned its 3Q12 revenue and profit would come in below 3Q11's level, reversing its previous guidance for similar revenue but higher profit.
"Tech earnings will be terrible this quarter, but depending on the balance sheet, it could be a good buying opportunity," says Kevin Scully, executive chairman at NRA Capital. He notes Hi-P expects some business from Foxconn, but Foxconn is having issues with Apple; "Even if Hi-P secures that contract from Apple, it wouldn't be this year's earnings," he says. "People are a little bit impatient."
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