Leap Wireless Falls 15% (LEAP)

Shares of Leap Wireless International, Inc LEAP are currently down 14.97% at $9.83 per share during Wednesday afternoon trading. Today's trading range for shares of Leap Wireless International, Inc has been between $9.73 and $11.01 per share. The consensus price target of analysts covering the company's stock is $19.18 per share. Volume of 16.7 million shares is more than 6 times the daily average volume of 2.7 million shares. Leap Wireless International, Inc (LEAP) released financial results on Tuesday after the market closed that failed to meet Wall Street estimates. The company reported a 2nd quarter net loss of 24 cents per share, on revenue of $633.5 million. A poll of analysts conducted by Thomson Reuters showed an average Wall Street estimate of an expected loss of 23 cents per share, on revenue of $671.77 million. President and chief executive officer Doug Hutcheson said, “We expected second quarter net customer additions to be seasonally soft, and while customer activity in the quarter was even softer than expected, we believe it will strengthen in coming quarters as a result of the actions we are taking." Read more from Benzinga's Company news.