U.S. Markets open in 9 hrs 19 mins

Allot Communications sinks after analyst says business slowing

Shares of Israeli tech company Allott (ALLT) are tumbling after Oppenheimer analyst Ittai Kidron wrote that he expects the company to report weaker than expected fourth quarter results and downgraded the stock to Perform from Outperform. Kidron wrote that his surveys indicate that demand for Allott's products in Europe is slowing, while the company, which develops bandwidth management products, completed several projects in the U.S. earlier than expected, leading to revenue shortfalls. Moreover, the outlook for Allott this quarter is unclear, the analyst added. In early trading, Allott fell $4.33, or 23.70%, to $13.95.