By Adam Satariano - Jun 1, 2011 2:33 PM MT
Juniper Networks Inc. (JNPR) dropped the most in more than two years after it said weakness in the overall economy is affecting performance and that most sales for the quarter will come toward the end of the period.
Sales so far in the three months ending June 30 indicate a “back-end loaded quarter,” said Kevin Johnson, chief executive officer of the second-largest maker of computer networking equipment, who spoke at the Bank of America Merrill Lynch U.S. Technology Conference in New York.
“There is reason to be somewhat cautious, but yet maintain optimism about the long-term growth models that we’ve outlined and the demand for networking long-term,” he said.
Investors reacted to the comments because they could imply the company, which typically gets about half its sales in the last month of the quarter, may be lagging behind its financial targets, Michael Genovese, an analyst at MKM Partners LP in Greenwich, Connecticut said. Juniper, which competes with larger rival Cisco Systems Inc. (CSCO), may need a better June that normal, Genovese said.
“If they don’t have a good June, they are going to miss,” said Genovese, who recommends buying the shares.
Juniper, based in Sunnyvale, California, tumbled $3.64, or 10 percent, to $32.97 at 4:15 p.m. New York time in Nasdaq Stock Market trading. It was the company’s steepest fall since January 30, 2009, according to Bloomberg data. The shares have fallen 11 percent this year.
Juniper’s decline also contributed to a drop for Ciena Corp. (CIEN), a Linthicum, Maryland-based maker of network gear for U.S. phone companies, Genovese said. Ciena fell $1.27, or 4.8 percent, to $25.48 in Nasdaq trading.
Good judgment comes from experience, and a lot of that comes from bad judgment.
Recent JNPR News
- Juniper Expands Industry’s Leading AI-Native Networking Platform to Unlock the Full Potential of Wi-Fi 7 • Business Wire • 09/19/2024 11:45:00 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 09/18/2024 08:49:22 PM
- Juniper Revolutionizes Data Center Assurance with Industry’s Only AI-Native Cloud Services and Intent-Based Networking • Business Wire • 09/10/2024 11:45:00 AM
- Apple Loses EU Dispute; Google’s $2.7 Billion Fine Upheld; Oracle Shares Surge 9% • IH Market News • 09/10/2024 10:02:31 AM
- Juniper Networks Partners with Quantum Bridge Technologies to Advance Industry-First Quantum-Safe Networking Solutions • Business Wire • 08/28/2024 11:45:00 AM
- Juniper Networks Unveils First Blueprint for Accelerating AI-Native Network Platform Adoption, Delivering up to 9x Faster Time to Value • Business Wire • 08/20/2024 11:45:00 AM
- Intel Sued by Shareholders; JPMorgan Raises Chance of Recession; Roblox Blocked in Turkey; Micron Resumes Share Buyback • IH Market News • 08/08/2024 09:48:43 AM
- Toyota Reports Another Global Production Decline, Delta Sues CrowdStrike, Meta Launches AI Studio for Custom Chatbots • IH Market News • 07/30/2024 10:00:51 AM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 07/26/2024 08:18:26 PM
- Dexcom Shares Drop 37% on Weak Revenue and Forecast; Coursera Rises 24% After Beating Q2 Revenue Estimates • IH Market News • 07/26/2024 09:57:38 AM
- Juniper Networks Reports Preliminary Second Quarter 2024 Financial Results • Business Wire • 07/25/2024 08:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/25/2024 08:08:39 PM
- U.S. Index Futures Mixed After Tech Sell-Off, Oil Prices Drop on Weak China Demand and Ceasefire Expectations • IH Market News • 07/25/2024 10:21:35 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/24/2024 09:28:23 PM
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- Telxius met à niveau son réseau mondial pour atteindre 400G avec une architecture convergée de routage optique par Juniper Networks • Business Wire • 07/19/2024 01:17:00 AM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/17/2024 09:15:21 PM
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- Juniper Networks Introduces Industry’s First Ops4AI Lab and Validated Designs to Maximize AI Workload Performance Using Open and Flexible Infrastructure That Is Easy to Manage • Business Wire • 07/16/2024 11:45:00 AM
- Juniper Networks Italy Is a Partner of the Olympic and Paralympic Winter Games Milano Cortina 2026 • Business Wire • 07/03/2024 07:00:00 AM
- Trump Media Resells Stocks and Warrants; KB Home Exceeds Q2 Expectations, and More News • IH Market News • 06/20/2024 10:55:11 AM
- Juniper Networks Announces Date of Second Quarter Preliminary Financial Results • Business Wire • 06/18/2024 08:15:00 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 06/13/2024 08:19:27 PM
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