After the close last night, Xilinx narrowed its revenue forecast for the current quarter, raising the low end of its forecasted range. The chipmaker reported that sales for the September quarter sales are expected to be unchanged from the 3 months ended June 30, or $445.9 million. The company had previously called for sales to be unchanged to slightly down sequentially.
The shares gained 0.23% yesterday, but are currently poised to gap more than 2% lower this morning. Furthermore, it appears the stock is set to be rejected once again by resistance at the 26.50 level. This area has hindered the security's attempts to rally since falling below it on July 25. The equity could put support at its rising 10-day moving average (near 25.50) to the test today.
From a sentiment standpoint, options players are optimistic. Schaeffer's put/call open interest ratio for XLNX stands at 0.61, which is lower than 83% of all those taken during the past 52 weeks. In addition, short sellers have unloaded their bearish bets. In August, the number of XLNX shares sold short dropped by 5% to 15.8 million, resulting in a paltry short-interest ratio of 2.0.