Camelot Information Systems (CIS -23%) gets hammered after lowering Q3 guidance and and FY11...

|About: Camelot Information Systems... (CIS)|By:, SA News Editor

Camelot Information Systems (CIS -23%) gets hammered after lowering Q3 guidance and and FY11 revenue projections due to weakness in its financial industry IT service business lines in Taiwan and China. It now expects Q3 revenue of about $57M, below earlier forecasts for $63M, and FY11 net revenue of about $235M, down from previous estimates of $244M. Separately, William Blair cuts the shares to market perform.