Millennial Media (MM -37.5%) had defenders on this bleak day. "We believe the shortfall was largely the result of sales execution in an immature market and not a sign of competitive losses," asserts Goldman. Oppenheimer, whose bullish call didn't quite pan out, thinks the mid-2013 launch of a real-time bidding platform (no doubt aided by Metareolver) could help. But Morgan Stanley, which cut shares to Equal Weight, isn't so positive. "We ... worry that MM is either losing share to larger competitors or becoming commoditized by audience platforms." (Q4: I, II, III) (transcript)