SunTrust Banks Incorporated

KEYW shares plunge on earnings outlook, offering price

KEYW shares plunge on earnings outlook, offering price

Shares of KEYW Holding Corp. plunged Friday after the Hanover-based cybersecurity company said its earnings would be on the low end of what it expected and it priced a stock offering below the trading price.

KEYW, which provides a variety of cybersecurity services, primarily to the government, said Friday it plans to sell 8.5 million shares of its common stock for $10.50 each, raising nearly $90 million.

That price, however, was below Thursday's close of $12.09 a share, so the stock price dropped $2 — 16.5 percent — to close at $10.09 a share.

Late Thursday, the company said that its earnings from continuing operations for 2016 would range from $3 million to $5 million...

72°