Acacia's Weak Guidance Trumps Q1 Beat

Acacia Communications, Inc. ACIA shares are trading lower by $4.41 (9.6 percent) at $44.00 in Wednesday's session.

After Tuesday's close, the company announced a Q1 EPS beat of $0.11 along with a revenue beat of $2.5 million. However, the Street is concerned about weak Q2 guidance.

After a much lower open, Acacia's stock went only $0.25 lower to $42.50 before sharply reversing course. The current low matches its May 3 low of $42.48. So far, the ensuing rally has stopped shy of the lower-end of Tuesday's range ($47.20), as the current high stands at $45.25.

The stock is trading at nearly a third of its all-time high that was made last September at $128.73.