Acacia Plunges To New Lows
Acacia Comm (ACIA) is down a substantial 12% to below $80 for the first time in months. This move comes ironically after the company rushed out a secondary offering at $100 to allow insiders to dump shares. Per Benzinga , the stock is down as top customers ZTE and ADVA Optical Networking issued soft guidance. ZTE reportedly accounts for 40% of revenues and the weak revenue numbers isn't a good sign for Acacia.