Bone Head Research Call Of The Day: Morgan Keegan On BigBand (BBND)

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By Douglas A. McIntyre Published
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The folks at investment house Morgan Keegan were good enough to downgrade broadband infrastructure company BigBand (BBND), a recent IPO.

The bank dropped its rating from "outperform" to "market perform". The change was certainly very late, and its is surprising that the company was not posted as an outright sell.

BigBand’s take on its Q3 performance was that it now expects to report revenue in the range of $35 to $39 million, which is below the company’s previous guidance of $54 to $58 million. Nice work. The company also said that it will lose money. The stock fell almost 30% after hours and will probably trade around $6 or $7 today. That would be a 52-week low by a wide margin. The company traded as high as $21.63 right after it went public.

The Morgan Keegan clients may not take much comfort in the ratings change.

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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