Back in June I wrote that shares of Cray (CRAY) had taken a nonsensical hit after the company's release of first quarter earnings. Though first quarter earnings came in lower than expected, the company reiterated its full-year guidance, noting that a few projects had moved from the first quarter to the second quarter. For a company like Cray, a supercomputer maker whose revenues often depend on a handful of key projects, the report was hardly out of the ordinary. Yet shares fell some 17 percent.
That drop did represent a buying opportunity; Cray shares would eventually fill the gap and continue their long march upward from the $5 level less than two years ago. Then, after...
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