Hurn makes 2d harsher downward e revision! a value now? huge volume selloff, but price stopped at a weekly morning star of nov 06 and an old peak of May 06, a probably good support:UPDATE: Huron Consult Cuts 1Q EPS, Rev Estimates,Shares FallLast update: 3/27/2008 10:14:54 AM
By Steven Russolillo
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--Huron Consulting Group Inc. (HURN) lost nearly a third of its market value Thursday after it slashed its first-quarter earnings and revenue estimates on weakness in its financial-consulting segment. The Chicago consulting group said it expects first-quarter net income of 50 cents to 57 cents a share, down from its initial estimates of 66 cents to 70 cents a share. The company also forecast revenue of $138 million to $140 million, which falls below its original estimates of $142 million to $147 million. Analysts polled by Thomson Financial expected, on average, first-quarter earnings of 67 cents a share on $145 million of revenue. Huron said it sees double-digit revenue growth in 2008. The company previously stated it expected full-year revenue growth of 20%. Robert W. Baird analyst Mark Bacurin cut his rating on Huron to neutral from outperform and slashed his price target to $58 from $80. In a note to clients, Bacurin said, "We continue to believe the company is well positioned for solid growth over the long term but are disappointed with the company's inability to win new business over the past few quarters given positive macro demand drivers." Shares of Huron were recently down $17.18, or 29.4%, at $41.31 on about 10 times the average daily volume of shares traded. Shares hit a 52-week intraday low of $37.59 in earlier trading. -By Steven Russolillo, Dow Jones Newswires; 201-938-2205; steven.russolillo@dowjones.com (Katherine Wegert contributed to this report.) (END) Dow Jones NewswiresMarch 27, 2008 10:14 ET (14:14 GMT)Copyright © 2008 MarketWatch, Inc. All rights reserved. Please see our Terms of Use.
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