Adtran PLUNGES After Q2 Reporting and 4 Stocks that Have Hit 52-Week Lows
Adtran (NASDAQ:ADTN) shares plummet following the second quarter revenue report of $184 million which was down a bit year-to-year missing by $6.2 million, and earnings of 38 cents which beat consensus by 3 cents. Similar to Acme Packet, Adtran blames a tough telecom capital expenditure environment for its difficulties, as it guides for its third quarter revenue to be between constant and slightly up quarter-to-quarter against a consensus of a 20 percent rise, and also explains that poor visibility renders it cautious regarding the near-term. In addition Adtran declares a 9 cent per share quarterly dividend, in line with previous quarters, with a dividend yield of 1.3 percent. Shares closed down 15.37 percent on the day at $23.01, having traded in a 52-week range of $25.46 to $40.95.
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Envivio Inc. (NASDAQ:ENVI) reported that WealthTV, an independent cable TV network based in the United States, has chosen Envivio encoding solutions with which to extend its broadcast service to Asia. WealthTV is employing Envivio Muse iTV encoding software on the Envivio 4Caster appliance for high definition content distribution of its live broadcast services to TVs, PCs and other mobile devices. Shares closed down 1.29 percent on the day at $6.14, having traded in a 52-week range of $5.90 to $9.88.
Flir Systems (NASDAQ:FLIR): The Washington, DC politicians negotiating budget compromises suppose that the spending sequesters will probably never become effective, according to Politico, which added that Republicans in a bipartisan working group are discussing ways of seeking new revenue in order to prevent the large automatic defense cuts from occurring. Shares closed down 0.16 percent on the day at $18.84, having traded in a 52-week range of $18.79 to $33.13.
Groupon Inc (NASDAQ:GRPN) shares fall under $8 for the first time after Mark Mahaney at Citi reducing his estimates on worries regarding European sales, which comprise 25 percent of Groupon’s revenue. Mahaney now projects Groupon to post a 2013 EBITDA of $718 million, which would be down from a prior $930 million. The firm’s second quarter report is expected around the end of July. Shares closed down 6.5 percent on the day at $7.77, having traded in a 52-week range of $8.25 to $31.14.
HHGregg (NYSE:HGG) shares are plummeting following a much weaker than anticipated first quarter guidance, and the reduction of its fiscal 2013 earnings per share guidance. The electronics firm forecast that it will post a first quarter earnings loss netween 16 and 17 cents, against consensus of a 4 cents loss, and it also expects its first quarter revenue to be significantly lower than predicted. The firm decreased its fiscal 2013 EPS guidance to a range of 90 cents to $1.05, from its previous outlook of $1.12 to $1.27, versus consensus of $1.20. hhgregg blamed its guidance decrease mainly on disappointing sales of video devices. Credit Suisse reacted to the company’s announcement on Wednesday by lowering its price target on the shares from $11 to $9, but kept its Neutral on the stock. Other electronics retailers also sank, with Best Buy (NYSE:BBY) falling 5.63 percent to $19.95 and CONN’S (NASDAQ:CONN) giving back 5.71 percent to $15.28. Shares closed down 36/4 percent on the day at $7.34, having traded in a 52-week range of $8.88 to $16.65.
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