Affymetrix reiterated at sell by Merrill

Affymetrix Inc. was reiterated at a sell by Merrill Lynch analyst Darryl Pardi. The company's first-quarter results were worse than the analyst anticipated, with Affymetrix posting a net operating loss. Revenues of $86 million were $2 million below Merrill's forecast and $4 million below consensus. Earnings per share of $0.03 were two cents below both the analyst's and consensus estimates. Merrill reduced its 2006 earnings per share to $0.30 from $0.39, and 2007 earnings per share to $0.50 from $0.67. Shares of the Santa Clara, Calif., medical products company were down $4.85, or 14.32%, at $29.03 on volume of 12,591,322 shares versus the three-month running average of 1,521,590 shares. (Nasdaq: AFFX)

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