Plexus said that this was very surprising news considering recent communications and activities with Juniper after having been a supplier to it for more than a decade. Its CEO said, “While this is a significant event for us in the near term, our new business wins of $956 million during fiscal 2012, including in the networking/communications sector, provides us continued optimism in our strategy.”
The damage is harsh now that shares have reopened. After a 1.2% gain to $27.96 today, the shares are indicated down 21% to $21.90 against a prior 52-week low of $23.23 to $38.50. Plexus was downgraded by Deutsche Bank to Hold from Buy back on October 26 based in part upon already-lowered guidance.
Plexus has only traded 35,000 shares since the close but it is down worse than any tracked NASDAQ stock.
JON C. OGG