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Novatel Wireless (NVTL) has been our biggest disappointment thus far. After our first article, "Novatel Wireless: The Bottom Is In And Plenty Of Gains Ahead", came out, shares started heading higher, only to be crushed by dismal 4Q guidance. Shares are now down 33% and are demanding a revisit. Is there more downside to come or is this a great buying opportunity?

There were bright spots among the dismal guidance

After digging deeper, it turns out that 3Q results were not all that bad. The EPS loss of 4 cents actually came in 6 cents better than expectations and much better than the 20 cent loss last year. Revenues rose 2% to $92.7...

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