SAIC Down 7% On Earnings

SAIC, Inc. SAI is down sharply today, down more than 7% after the company reported earnings last night. The company cut its revenue guidance going forward, which is heavily pressuring shares. SAIC said it expects revenue to be flat to up 2% for 2011, as opposed to its prior view of up 3-6%. "The market environment in terms of generating revenues has proved more difficult than anticipated," SAIC Chief Executive Walt Havenstein told analysts during the conference call. "That environment continues to be challenging and is manifesting itself in unexpected delays and a longer cycle for the conversion of awards to revenues." Shares of SAI at last check were off $1.15 to $15.06, a loss of 7.1%.