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Small-Cap Telecom Cogent Slashes Forecast, Stock Plunges

in News on August 8, 2008 at 8:43 am PT

Half-a-billion dollar (market cap) telecommunications provider Cogent Communications (CCOI) this morning reported second-quarter sales and a net loss that missed estimates slightly, and also cut its outlook for the current quarter and the year, which has sent its stock tumbling by $3.80, or 34 percent, to $7.42.