JNPR warned on April 13th, it took an 8% hit, IIRC.  So they had already cleared the air, I am not surprised the stock is not reacting too much since this was old news.

lt cap,

It would be an interesting study to see if companies that pre-announce problems lose more or less net $ than those who wait for the conference call. Probably not feasible, given all the variables that would need to be 'normalized' across companies (size of loss, kind of loss, size of company, sector comparisons, on and on.)  But if it'd be interesting if it could be done.  I agree with what you've often said, whether it was a pre-annoncement or a CC - get the skeletons out of the closet, readjust expectations, start with a 'new slate', and beat the lowered targets.

I suspect the pre-announcing is better. The move at earnings is often so pronounced because so many have recently entered and want to exit soon after. With the pre-announcement, less of that has has happened, and there is probably less open interest on the options too.