Volume Spike Investor

Extreme Networks Inc. (NASDAQ: EXTR) is tanking on Monday’s lowered guidance.  Tech stocks, even smaller ones, are supposed to be raising guidance and it is paying the price for it.  Extreme expects revenues of about $66 million, under the Thomson Reuters estimate of about $80.4 million and under a prior implied range of about $79 to $82 million.  The CEO said its supply chain was constrained during the quarter and noted that some deals were lost or were pushed out farther. Extreme is trading with light volume on less than 20,000 shares as of 9:25 AM EST but shares are down 12.5% at $2.51.  Its 52-week trading range is $1.06 to $3.13 and it trades about 400,000 shares on an average day. -JON OGG