Why Infinera Stock Just Dropped 8%
Infinera Corporation (NASDAQ: INFN) sort of shot itself in the foot on Tuesday, advising investors it's going to need a bit more time to ready its Q3 financial report, which has been "delayed" until November 12 "in connection with Infinera's integration of three separate global instances of SAP into a single enterprise resource planning system during the quarter."
Adding injury to insult, the optical networking equipment maker mentioned in passing that it's probably going to miss earnings -- or at least sales, which will come in between $324 million and $327 million this quarter, instead of at the $330 million that Wall Street had been expecting.
In a market that's geared toward growth stocks, that news didn't go over well, and Infinera lost 5% of its market cap yesterday in response. Today it's down another 8.2% in noonday trading. This time, though, you can blame Jefferies & Co. instead of Infinera itself.
Source Fool.com
