Universal Display (Nasdaq: PANL) has been hammered by selling since it announced disappointing third quarter earnings after the close on Wednesday (11/07/12). As reported by colleague Scott Rubin, the shares were trading at $19.45 after hours, down a whopping 42 percent from the close of $33.40. During regular trading on Thursday, the shares hit a low of $21.55 before rebounding slightly and stand at around $23.20 at midday.

Universal Display announced a third quarter loss of $0.12 per fully diluted share compared to a profit of $0.12 per fully diluted share in the third quarter of 2011. Third quarter revenue fell to $12.5 million from $21.8 million a year ago largely due to declines in materials sales and royalty and license fees.