Blue Coat Systems Shares Plunge 21% on 1Q Outlook

Shares of Blue Coat Systems Inc. (BCSI) plunged more than 21 percent Friday, recording the biggest retreat in Russell 2000 Index. The provider of application delivery networking for corporations said it expects to earn $0.35 $0.40 cents per share, excluding items, on revenue of $121 million to $126 million, trailing the average analyst estimates $0.40 cents per share and $132.1 million in revenue.

Share action: Down $6.06, or 21 percent, to $22.78 in midday trading. $21.50-$21.75 is the next major support level to watch for the network security co. whose profit and operating margin currently stand at 3.30% and 7.16%, respectively.

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About Ron Haruni 1070 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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