QLogic Corp.'s stock , which is currently halted, could take a hit in premarket trade Thursday, after the company provided a fiscal first-quarter profit and sales outlook that were well below expectations because of weak demand in the server and storage markets. For the quarter ended June 28, the company said it expects adjusted earnings per share in the range of 16 cents to 17 cents, below the FactSet consensus of 25 cents. Revenue is expected to be about $113 million, below the company's previous outlook of $124 million to $132 million. "We are disappointed with the level of business activity during the quarter," said Chief Executive Prasad Rampalli. "We will provide more details on our first quarter results during our earnings call on July 30th." The stock, which is set to resume trade at 8:30 a.m. Eastern, has gained 5% year to date, while the S&P 500 has slipped 0.6%.
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