Tellabs Inc. (NASDAQ: TLAB) is getting hit today due to a research call out of Barclays. The call is having enough impact that it became acting just like a stock rumor…. Barclays cut its price target down to $7.00 from $9.50, and shares are adjusting for the drop immediately as Barclays noted that AT&T Inc. (NYSE: T) may be dropping much of its vendor business with Tellabs in a vendor consolidation move that could cost TLAB 5% to 10% of its revenues. At 2:00 PM EST we have shares down over 11% at $6.97 on more than 27 million shares.
Believe it or not, this is already nearly triple an average day’s volume of almost 9.5 million shares. The 52-week range is $4.96 to $9.45.
JON C. OGG
