I would hope it does. I'll likely buy a triple or quadruple position in it if it crashes from here. Opportunites like that don't come around often.
I agree with OP. One analyst defends it, and its prob back at 38. Heck, their EPS run rate with no growth is still 0.36X4=1.44. down from 1.52. ya, it sounds like the company is in real trouble. buy qlgc, short elx is prob. an excellent hedge strategy right now.