Illumina sinks on preliminary 3Q miss

Illumina Inc. (NASDAQ:ILMN) tumbled $45.86 (25%) to $138.99 on Tuesday for a loss of $6.7 billion in market cap on Tuesday after it reported preliminary 3Q16 revenues that were well below analyst estimates and the company's guidance for the quarter.

The company reported 3Q revenues of $607 million, compared with consensus estimates of $628 million. In July, Illumina had said it expected $625-$630 million in revenues in the quarter. ...