Thursday, May 5, 2016

Cray (CRAY) Crashes on 1Q'16 Results

Cray (CRAY) lost 20+% of its market value on 02016.05.04 after reporting 1Q'16 results.

CRAY closed at $38.91 on 02016.05.03 and then reported 1Q'16 results. CRAY opened at $28.90 (down ~26%) on 02016.05.04 and hit an intra-day low of $28.75 before closing at $28.90. Volume was 4.16 million shares versus 0.57 million. 52-week range: $18.00 - $43.79.

"We are off to a good start to our year," said Peter Ungaro, president and CEO of Cray.

I guess Wall Street didn't agree.

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