OSI Systems (OSIS) Now Down ~$350M on $60M Rapiscan Order Flub
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Is OSI Systems (Nasdaq: OSIS) sell-off over done?
Shares of OSI fell over 39 percent Monday following an update to a recent delivery order recently terminated by the U.S. Transportation Security Administration (TSA) with OSI's Rapiscan unit.
Last Thursday night, OSI said that the order had a value of approximately $60 million and that the TSA
But, total drop today at its maximum point was over $500 million. It's not clear what the TSA's intentions are going with Rapiscan, but it might be due largely to the company using an X-ray generator from a company which supplies a good portion of its competitors.
Shares of OSI have retraced a bit and are now down just 27.6 percent in the afternoon session.
Shares of OSI fell over 39 percent Monday following an update to a recent delivery order recently terminated by the U.S. Transportation Security Administration (TSA) with OSI's Rapiscan unit.
Last Thursday night, OSI said that the order had a value of approximately $60 million and that the TSA
will issue a revised solicitation for the systems in the future.
But, total drop today at its maximum point was over $500 million. It's not clear what the TSA's intentions are going with Rapiscan, but it might be due largely to the company using an X-ray generator from a company which supplies a good portion of its competitors.
Shares of OSI have retraced a bit and are now down just 27.6 percent in the afternoon session.
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