DRIV Drops 25%: Tablet Victim? MSFT Tie Bolsters Bulls
By Tiernan RayShares of electronic software distributor Digital River (DRIV) are down $4.52, or over 25%, at $13.27 after the company last night reported Q2 revenue below consensus estimates and projected this quarter’s revenue and profit lower, as well as forecasting full-year results well below consensus.In prepared remarks, CEO Joel Ronning said the company’s sales outlook was affected by “weaker PC sales and uncertainty in the macro economy.”Estimates are getting chopped across the board, and there are some price target changes, but some bulls have urged faith in the company’s strong relationship with Microsoft (MSFT), which is the source of... Read full post here