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Brocade (BRCD) is down 16.4% premarket after announcing it expects FQ3 revenue of $500M-$505M...

Brocade (BRCD) is down 16.4% premarket after announcing it expects FQ3 revenue of $500M-$505M and EPS of $0.08-$0.09, below a consensus of $550.9M and $0.11. The shortfall is blamed on soft demand and inventory reductions. Coming in the wake of weak results from CSCO, JNPR, and RVBD, Brocade's warning will add to fears of an IT spending slowdown.
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