UIS - Why Unisys Crashed Nearly 50% Today
Shares of technology consulting firm Unisys (NYSE: UIS) crashed 48.2% today, as of 12:25 p.m. ET.
The company reported its third-quarter earnings last night and gave full-year guidance, both of which were somewhat disappointing but likely not enough to warrant such a massive drop. However, the company also disclosed it was delaying the release of its Form 10-Q, and that it was launching an internal investigation regarding accounting issues within the company.
Investors never like to hear that a company's numbers may have to be restated in any way, and that lack of trust is probably why the stock is down so much.
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Why Unisys Crashed Nearly 50% Today