Velti (VELT -31.5%) has crumbled after missing Q3 EPS forecasts and stating it's abandoning...

|By:, SA News Editor

Velti (VELT -31.5%) has crumbled after missing Q3 EPS forecasts and stating it's abandoning markets where collection times have risen to stratospheric levels. During its earnings call, Velti noted Americas sales rose 81% Y/Y and U.K. sales (boosted by MIG) 221%, but the rest of Europe (includes some markets Velti is leaving) rose only 22%. Jefferies (Buy) likes the fact "management ripped off the band-aid via a divestiture," but thinks shares will be pressured near-term. Millennial Media (MM +5%) opened lower, but is now recouping some of yesterday's big losses.