** IT services company's shares drop as much as 16pct to hit over 1-1/2 year low of $99.51 in early trading afterQ2 forecast falls largely below estimates** Stock is on pace for its worst day in over 13 years** Company guides Q2 adj profit below Street expectationsand forecasts Q2 revenue, whose midpoint fall below estimates ** Stifel cuts PT by $12 to $140, says weak forecastprimarily due to near-term revenue and margin headwinds at co'sHyve Solutions cloud-server business, where it has heavycustomer concentration** However, Q1 revenue, profit tops Wall Street estimates
** More than 352k shares traded, over 1x their 30-DMA** Stock has lost 25 pct of its value this year, however hadgained 12 pct last year(Reporting by Amy Caren Daniel in Bengaluru)
Amy.CarenDaniel.thomsonreuters.com@reuters.net)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.