Wipro (WIT -6%) open lower after receiving a downgrade to Hold from Jefferies. Shares are now...


Wipro (WIT -6%) open lower after receiving a downgrade to Hold from Jefferies. Shares are now down 9% since the IT outsourcing firm provided light FQ1 guidance to go with its FQ4 results on Friday. Wipro stated on its earnings call it has seen "delays in discretionary spend" in certain business segments, and is also being affected by seasonal weakness in its Indian/Middle Eastern ops. On the flip side, the company boasted it added 192 new customers in FY13, up from 117 in FY12.

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