Acme Packet, Inc. (NASDAQ: APKT) was having a good day on its own with a 6% gain, but light revenues are gutting the stock. The company’s revenues were light against an already lowered range given about a month earlier. The earnings came in at $0.26 EPS on roughly $83 million in sales. Analyst estimates were $0.27 EPS and $84.8 million and against the prior range of $84 million to $86 million.
Investors rarely accept two weak reports in a row, but two in two months is not welcoming sign. Shares went from rough $32 down to $26 on the first warning a month ago. Since then, shares recovered to north of $31 and the stock posted a 6% gain today to $30.89 as short sellers got out of the way. The belief was that maybe things were not so bad. That was then…
After a halt and reopen, Acme Packet shares are down almost 12% at $27.38 in the after-hours session and the stock is the most active by volume with almost 1.5 million shares traded in the after-hours alone. The 52-week range is $25.20 to $84.50.
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