Abovenet (ABVT) Shares Fall 12% After Guidance Issued

Shares of Abovenet Inc (NYSE: ABVT) fell to a 10-month low after the provider of corporate broadband services reported guidance that fell below analysts expectations.

The company had reported earnings above Wall Street expectations but investors instead focused on the company's disappointing future outlook.

Abovenet issued guidance for 2010 that revenue would be no more than $400 million.

The capped figure was a disappointment to Wall Street, which had had expected, on average, 2010 revenue to come in at $407.5 million.