Tomahawk, WI 2/20/2013 (BasicsMedia) –  Taking a right cross to their value these stocks are wishing it was Friday so they could pull back and regroup.

 Harvest Natural Resources Inc. (HNR) is off over 36% in the morning session after announcing the termination of its planned $725 million sale of Venezuelan assets to Indonesia’s state-owned Pertamina Persero PT.

As of yesterday, Harvest Natural had risen 88 percent since announcing the agreement to sell its stake in its Venezuelan Petrodelta SA joint venture to the Indonesian company.

Indonesia’s government voted not to approve the transaction, Harvest Natural said today in a statement. The planned purchase of Harvest Natural’s 32 percent stake in the venture with state-owned Petroleos de Venezuela SA also was subject to shareholder and Venezuelan government approval.

“We are disappointed,” Harvest Natural Chief Executive Officer James Edmiston said in today’s statement. “Harvest remains committed to exploring all possible alternatives to unlock the potential of our assets and maximize value for shareholders.”

 Millennial Media Inc. (MM) is a seller of advertising space on mobile devices. Today the company saw its biggest stock decline since the company’s initial public offering last year after its sales forecast missed analysts’ estimates and is off this morning by over 35%.

The forecast raised concern that Millennial Media isn’t capitalizing as much as expected on booming use of mobile devices. Chief Executive Officer Paul Palmieri blamed the shortfall in part on choosing not to chase smaller customers last quarter. Meanwhile, some larger deals that were expected to come through did not, he said.

“It wasn’t really until very late in the quarter that we saw the effect of our choice not to participate in these low-end segments,” he said in an interview.

The company, which held its initial public offering in 2012, competes with Google Inc. and Apple Inc. in helping website owners and application developers sell mobile advertising.

Millennial Media said yesterday that it’s now reaching more than 400 million people a month, including about 160 million in the U.S. Its system works with more than 39,000 applications to show ads to mobile users.

 Garmin (GRMN) is struggling to finds its way in the marketplace this week after it posted a weaker-than-expected Q4 financial results and soft 2013 guidance, triggering a sell-off in the company’s shares.

For the quarter, Garmin reported revenue of $769 million, down 16% from a year ago, and well below the Street consensus at $833.4 million. Adjusted for currency, the company earned 68 cents a share, below the Street at 73 cents. On a GAAP basis, profits were 66 cents a share.

 

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