TeleNav (TNAV) was downgraded today after yesterday reporting that their largest customer, Sprint (S), is in negotiations with TeleNav regarding potential amendment of its current contract, which expires as to TeleNav's right to be Sprint's exclusive provider of Sprint Navigation on December 31, 2010 and terminates on December 31, 2011. TeleNav cannot predict whether or when it will reach agreement with Sprint on these matters or what the ultimate financial impact would be.
Shares of TeleNav are down 38.5%.
BioScrip (BIOS) announced 2010 second quarter revenue of $412.0 million, and adjusted EPS of $0.07 per diluted share, falling below analyst expectations. Adjusted EBITDA for the quarter was $18.4 million.
BioScrip is lower by 25.7%.
Volcom (VLCM) said total consolidated revenues were $62.5 million, compared with $54.2 million in the second quarter of 2009. Net income was $68,000, or breakeven per diluted share, compared with $872,000, or $0.04 per diluted share, in the second quarter of 2009.
Shares of Volcom are down 14.5%.
Acme Packet (APKT) raised their revenue guidance for 2010 from $204-$208 million to $214-$218 million and upped their forecast for non-GAAP diluted EPS from $0.65-$0.70 to $0.72-$0.74. Despite the raised guidance, shares are lower by 13%.
According to ETFChannel.com, the PowerShares Dynamic Networking Portfolio ETF is the ETF that has the largest percent of its holdings in Acme Packet, at 2.55% of the ETF.
