Company News

BUZZ-Kinaxis Inc: Slumps to 6-month low on forecast cut

** Supply chain management software maker’s shares down 12.3 pct, hit more than 6-month low of C$67.25 after results on Tuesday

** At current levels, KXS is on track for its second worst day ever

** Cuts FY revenue forecast to $131 mln-$133 mln from $140 mln-$144 mln

** Forecast lowered as a large Asia-based customer breached contract, and also as a result of higher professional services revenue going to partners

** 7 analysts cut PTs and 2 downgrade stock; at least 2 analysts believe the Asia-based customer is Samsung Electronics

** 8 of 13 brokerages rate the stock “buy” or higher, 5 “hold”; median PT C$90

** Over 360k shares traded, 6.3x their 30-DMA

** Up to Tuesday’s close, KXS had gained about 33 pct this year