GigaMedia Shares Tumble 11% (GIGM)

Shares of online gaming software company GigaMedia Limited

are currently down 11% at $1.97 per share during Thursday afternoon trading. Today's trading range for shares of GigaMedia Limited (

) has been between $1.95 and $2.13 per share. The consensus price target of analysts covering the company's stock is $2.50 per share. Volume of 1.9 million shares is already more than 5 times the daily average volume of 357,000 shares. GigaMedia released financial results on Thursday morning that missed Wall Street earnings estimates. GigaMedia reported a 2nd quarter adjusted loss of 12 cents per share, on revenue of $10.9 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of expected earnings of 1 cent per share. Chief executive officer Arthur Wang said, "In 2010 we have taken important strategic moves to ensure continued long-term growth of our business in Europe and Asia. During this period of strategic transition, we are also closely focused on the operating level to build, to work, to strengthen our businesses for an even stronger future." Read more