Affymetrix reiterated at sell by Merrill

Merrill Lynch analyst Darryl Pardi reiterated Affymetrix Inc. at a sell. The company reported fourth-quarter results, with revenues falling short of expectations. Earnings per share of $0.35 were better than expected due to reduced operating expenses and a tax benefit. Merrill lowered its 2006 earnings-per-share estimate to $0.47 from $0.63. Shares of the Santa Clara, Calif., biotechnology company were down $3.06, or 7.62%, at $37.09 on volume of 6,620,313 shares versus the three-month running average of 1,196,940 shares. (Nasdaq: AFFX)

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