Earnings Estimate Depresses Newport Corp.’s Stock

Newport Corp.’s stock slumped 19% Monday after the Irvine maker of components for semiconductor equipment said it expects to report a drop in first-quarter earnings and sales because of delays in new products and continued slowness in the semiconductor equipment markets.

The stock, the 21st biggest percentage loser on U.S. markets, closed at $12.56 a share, down $2.94 in Nasdaq trading. A total of 336,700 shares changed hands, more than five times the average daily volume over the last three months.

Newport said earnings in the three months ending March 31 should total 10 to 12 cents a share, down from 21 cents a year earlier. Sales should be in the range of $29 million to $30 million, down from $34 million, Newport said.