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Agere stock dips on 2Q news

LOS ANGELES-Agere Systems Inc. suffered a slump in its stock position after it warned that its second-quarter results will fall short of anticipation.

The company cites weak sales of chipsets for advanced mobile phones.

The stock fell 36 cents, or 11 percent, to $3.05 cents.

Agere’s stock fortunes run counter to the trend of late among major wireless chipmakers.

The company said its quarterly revenues will range between $465 million and $475 million as against its earlier projection of $516 million. But it expects net earnings to beat its forecast.


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