VeriFone Systems Slammed 30% After Massive Guidance Cut

VeriFone Systems Inc PAY shares are trading lower by $8 (29 percent) at $20.23 in Wednesday's session. The catalyst for the sharp decline is a Q2 miss of a nickel along with slight revenue beat.The company guided lower for Q3 as well as for the full year.

After a lower open, it found support just ahead of its pre-market low of $19.53, with the current low standing at $19.71. The issue did have one brief spike to $20.89, but has been spending much of the session trading above and below the $20 level.

This takes the issue back to levels not seen since September 2013, when it bottomed at $19.50.