Foundry Networks’ Profit to Lag Forecasts

Foundry Networks Inc., a maker of computer-network switches and routers, said it expects fourth-quarter profit to be about half of analysts’ forecasts because of slower sales. The shares plunged as much as 50% on the news. Foundry forecast profit of 11 to 14 cents a share before stock-compensation costs, the San Jose company said. Analysts polled by First Call/Thomson Financial had expected 24 cents a share on average. Foundry shares dropped $2.38, to $30.63 on Nasdaq.