Update: Rambus Shares Drop After Baird Downgrade, Q1 Non-GAAP Earnings Miss

-- (Updates with latest stock price movement and analyst rating in the headline and first paragraph.)

Rambus (RMBS) shares dropped nearly 21% in Tuesday afternoon trading after Baird downgraded the stock to neutral from outperform, with a $120 price target, and the company's Q1 non-GAAP earnings missed analysts' estimates.

The company reported Q1 non-GAAP earnings late Monday of $0.63 per diluted share, up from $0.59 a year earlier.

Analysts polled by FactSet expected $0.64.

Revenue for the quarter ended March 31 was $180.2 million, up from $166.7 million a year earlier.

Analysts surveyed by FactSet expected $179.9 million.

Price: $111.77, Change: $-29.39, Percent Change: -20.82%

Bank of Canada Keeps Neutral Rate Unchanged and Looks Likely to Stay on Hold This Year, Says BMO

The Bank of Canada is potentially on a long hiatus from policy rate changes, assuming growth and inflation evolve roughly in-line with current expectations, said Bank of Montreal (BMO).Consistent with that, the BoC on Wednesday left the assumed neutral range unchanged at 2.25%-to-3.25% in its annual April refresh, noted the bank.That leaves the current policy rate right at the low end of the presumed range.Holding the neutral rate down is the stall in population growth and the drag that it has had on labor force growth, stated BMO.Holding the neutral rate up is some improvement in productivity growth and firmness -- even a touch of upside -- in the United States neutral rates, which have an impact on Canada, according to the bank.All things considered, BMO is comfortable with its view that the BoC is on hold this year.

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Zhangzhou Pientzehuang Pharmaceutical's Attributable Profit Slides 26% in Q1

Zhangzhou Pientzehuang Pharmaceutical's (SHA:600436) attributable profit fell 26% to 743.5 million yuan in the first quarter from 999.8 million yuan in the year-ago period, according to a Thursday filing with the Shanghai bourse.Earnings per share at the drug company decreased to 1.23 yuan from 1.66 yuan in the prior-year period.Operating revenue declined 13% year over year to 2.74 billion yuan from 3.14 billion yuan.

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Update: Rambus Shares Drop After Baird Downgrade, Q1 Non-GAAP Earnings Miss

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