Illumina's stock heads for biggest-ever price drop after revenue warning
Illumina Inc.'s stock plunged in heavy volume in morning trade Tuesday, putting it on track to suffer the biggest one-day price loss in the 16 years since it went public, after the biotechnology company warned that first-quarter revenue would miss expectations. The shares tumbled $38.36, or 22%, to the lowest level seen since Feb. 12. The previous biggest price drop was the $20.05 decline on July 22, 2015, while Tuesday's percentage drop would rank as the fifth biggest. Volume hit 3 million shares within the first 30 minutes of trade, compared with the full-day average of about 1.2 million shares. Before Tuesday's selloff, the stock has soared 32% since it closed at 22-month low of $135.37 on Feb. 8. Late Monday, the company said it expects to report first-quarter revenue of $539 million, below the FactSet consensus of $582 million.
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