Equinix announced it expects 2010 third quarter and full year revenues will be below the Company’s previous outlook.
Equinix now expects third quarter revenues to be in the range of $328.0 to $330.0 million, the midpoint of which is 2.2 percent lower than the midpoint of its previous outlook, and total revenues for the full year to be approximately $1,215.0 million, which is 1.2 percent lower than the midpoint of its previous outlook.
Citigroup downgraded shares of Equinix (NASDAQ:EQIX) from buy to hold as sales growth is expected to slow in 2011. With the downgrade, Citigroup set a price target of $94 per share.
Shares of Equinix are down 32.3%. Competitor Rackspace Hosting (NYSE:RAX) is down 11%. Salesforce.com (NYSE:CRM) is also taking a hit with the rest of the industry, down 9.3%.
On more than double average daily trading volume, shares of Citrix Systems (NASDAQ:CTXS) are down 10.5%.
Any ideas and opinions presented in all Market News Video clips are for informational and educational purposes
only, and do not reflect the opinions of BNK Invest, Inc. or any of its affiliates, subsidiaries or partners.
In no way should any content contained herein be interpreted to represent trading or investment advice.
None of the information contained herein constitutes a recommendation that any particular security, portfolio,
transaction, or investment strategy is suitable for any specific person. All viewers agree that under no
circumstances will BNK Invest, Inc,. its subsidiaries, partners, officers, employees, affiliates, or agents be held
liable for any loss or damage caused by your reliance on information obtained. Read Full Disclaimer.