Align Technology (ALGN.US) shares fell over 20.0% after the maker of Invisalign dental straighteners posted a disappointing earnings report.
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Adjusted earnings per share came in at $1.36, while analysts anticipated $2.18 a share. Revenue of $890 million came in well below market projections of $953 million.
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"Our third-quarter results reflect continued macroeconomic uncertainty and weaker consumer confidence, as well as a significant impact from unfavorable foreign exchange rates across all currencies that affect our operations," said Chief Executive Joe Hogan.
Align Technology (ALGN.US) stock is trading 75% below its all-time high at $740.00. Recently the medium-term 50-day SMA (green line) crossed under the long-term 200-day SMA (red line). This has formed a bearish ‘death cross’ formation. If current sentiment prevails, next key support to watch lies around 2020 lows at $130.00. Source: xStation5
