CNET plunged on Tuesday, trading down over 19% to close the session at $10.72 after announcing Q1 earnings that disappointed the Street. Volume was extremely heavy on Tuesday, with over 25 million shares of the stock changing hands, compared to a normal daily average of just over 1.3 million shares traded. The company announced earnings of 1 cent per share, and slightly reduced its full year earnings outlook to 18-23 cents per share of profit, down from a range of 18-25 cents per share. Analysts were disappointed with the earnings, with a number of analysts stating that they believe CNET will have a hard time moving up this year, and that the shares may be fully valued. CNET closed at $10.72 on Tuesday, and currently has a market cap of just over $1.62 billion dollars.
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