US Stock Market Move | Q2 performance fell short of expectations. Align Technology, Inc. (ALGN.US) plunged over 33%.

On Thursday, Align Technology, Inc. (ALGN.US) plunged more than 33%, hitting a five-year low of $134.83. On the news front, the company reported adjusted diluted earnings per share of $2.49 for the second quarter, higher than the $2.41 from the same period last year. Analysts surveyed by FactSet had expected $2.57. Quarterly revenue was $1.01 billion, lower than the $1.03 billion from the same period last year. Analysts surveyed by FactSet had expected $1.06 billion. The company stated that it expects third-quarter revenue to be between $965 million and $985 million, while analysts surveyed by FactSet had expected $1.04 billion. Align also plans to take a series of actions to simplify operations, including cutting global staff. The company expects these actions to result in one-time costs of $150 million to $170 million in the second half of the year.