Abovenet Sinks to 10-Month Low on Weak Guidance (ABVT)
3/10/2010-Shares of AboveNet (NYSE: ABVT) are trading 11.7% lower Wednesday and earlier fell to $54.26, for the biggest intraday loss since May 13, 2009, after the provider of high-speed data services to financial and media companies forecast 2010 revenue of $400 million at most, versus consensus estimates of $407.5 million.
SmarTrend is bearish on shares of ABVT and our subscribers were alerted to Sell on February 04, 2010 at $57.94. The stock has fallen 4.3% since the alert was issued.
Write to Chip Brian at cbrian@tradethetrend.com
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