From Tech Trader Daily's Tiernan Ray:
One of the biggest decliners on the Nasdaq today is Comverge (COMV), down $2.72, or 30%, at $6.21, after the $135 million (market cap) maker of electrical metering systems this morning reported second quarter sales of $9.5 million that missed the consensus estimate of $13.4 million by a country mile....
...The rule change had the effect of reducing the economic incentive for businesses to use Comverge’s smart metering technology, the company said — or, as Comverge put it, “it reduced the economic incentive payable to end-user commercial and industrial or C&I customers.”And the moral of the story? The rule-change was actually put into effect in the first quarter. The effect upon Comverge’s customer’s only became apparent this quarter, however, said Comverge.
