Tsunami Hits Powerwave; Stock Cut in Half

Talk about your powerful waves.

Powerwave (PWAV) shares have been cut in half today after the company provided a disappointing outlook for the fourth quarter. As noted yesterday, third quarter results were actually slightly ahead of expectations. But in a post-earnings conference call with the Street, the company issued disappointing guidance: the company now sees full year 2008 revenue of $880 million to $920 million, well below the Street at $952 million. That implies Q4 revenue of $171-$211 million, which is down from $238 million in Q3 and well below the Street consensus of $246 million.

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