NetApp Climbs Off Worst Levels But Remains Sharply Lower

(RTTNews) - Shares of NetApp, Inc. (NTAP) have climbed off their worst levels of the day but continue to see considerable weakness in late-day trading on Thursday. After hitting its lowest intraday level in well over five months, NetApp is currently down by 11.5 percent.

The early sell-off by NetApp came even though the data management company reported fiscal second quarter adjusted earnings of $1.06 per share compared to analyst estimates for earnings of $0.99 per share.

NetApp also forecast fiscal third quarter revues of $1.55 billion to $1.65 billion, with the midpoint matching analysts' consensus estimate.