Novatel Wireless (NVTL -19.9%) plunges after missing Q1 EPS estimates and guiding for Q2 revenue...

|By:, SA News Editor

Novatel Wireless (NVTL -19.9%) plunges after missing Q1 EPS estimates and guiding for Q2 revenue of $92M-$104M and EPS -$0.17 to -$0.07, well below a consensus of $115.8M and $0.02. Novatel, which is facing tough competition from Asian 3G/4G modem vendors, says pricing pressure resulted in its gross margin (22.2%) missing guidance. BMO is downgrading shares in response, and rival SWIR is down 2.2% in sympathy. (PR)