Comtech Telecommunications Corp.
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On June 8, 2021, Comtech reported its operating results for the third fiscal quarter ended April 30, 2021 and updated its financial targets for fiscal 2021. Among other items, Comtech reported that it expected fiscal 2021 consolidated net sales to be in the range of $580 million to $590 million and explained that the “updated target primarily reflects a change in anticipated revenues in its Governmental Solutions segment due to the U.S. government’s April 2021 announcement to fully withdraw troops from Afghanistan as well as other program changes.”
On this news, Comtech’s stock price fell $3.53 per share, or 13.76%, to close at $22.13 per share on June 9, 2021.