BLUE COAT SHOULD feel a little red faced.
Shares of Blue Coat Systems (BCSI: 19.07, -5.43, -22.2%) dropped 22% to $19.07 Wednesday after the network-security specialist issued its second earnings warning in just over a week.
On Feb. 6, the Sunnyvale, Calif., company said its third-quarter earnings would fall well short of Wall Street’s expectations. After the close of trading Tuesday, the company issued third-quarter results, managing to miss analysts’ already-reduced forecasts. Worse, it said the fourth-quarter numbers would disappoint, too.
Blue Coat shares have now lost 53% of their value in little more than a week.
Read the rest of the story regarding the possible decline and fall of Blue Coat at http://www.smartmoney.com/onedaywonder/index.cfm?story=20060215