Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Glu Mobile Inc. (NASDAQ: GLUU) shares were trading lower by $0.90 (15 percent) at $4.78 in Wednesday's session. Despite posting a Q2 beat for EPS ($0.01 vs. estimates of a $0.04 loss) along with better sales ($57.5 million vs. $51.5 million), the Street is focusing on its lower guidance for Q3 and the remainder of the year.
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The company forecasts Q3 sales at $58-$60 million vs. $73.8 million estimates, and FY EPS and sales to substantially lower as well.
The poor guidance instigated a lower open ($5.15 vs. Tuesday's close of $5.67). After a nickel pop, the decline continued. So far, it reached $4.59 and has rebounded slightly. That low corresponds with a pair of lows from March 13 ($4.57) and March 16 ($4.61).
Today's route is taking place on heavier than average volume. So far, 6.7 million shares have changed hands compared to its 20-day average of 2.05 million with over four hours remaining in the day.
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