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Bear of the Day

Earnings estimates for Altera Corp. (ALTR) have declined significantly after a weak guidance for the first quarter of 2012. The company expects sales to decline 5%-9% sequentially. As per management, the program timing in the Military section will account for half of the decline.

The company expects revenues from the wireless segment to move lower across multiple geographies due to continued inventory depletion and softening of demand in the second half of 2011. Altera has a large exposure to the telecommunications industry, in particular China.

The recent slowdown in China has adversely impacted the company's business. Therefore, we have downgraded our recommendation to Underperform from Neutral.

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