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Some of the problems behind Adtran's (ADTN -10.5%) Q3 warning are company-specific, suggests...

Some of the problems behind Adtran's (ADTN -10.5%) Q3 warning are company-specific, suggests MKM's Michael Genovese. Adtran is "under competitive attack" from Calix (CALX -2%) at rural telcos, he writes, and the company's sales to AT&T and Verizon are partly under pressure due to by declining sales of legacy hardware (presumably a reference to Adtran's T1/T3 and SONET gear). But Genovese grants the warning  will heighten near-term investor concerns about industry peers such as ALU, CIEN, and TLAB.
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