Logica and Axon shares halved

As I scanned the opening tech stock prices this morning, I note that Logica has dipped below £1 for the first time. That means Logica's share price has more or less halved in the last 12 months.
Maybe one reason is that George O'Connor at Panmore Gordon has trimmed his forecast "to reflect the increasingly difficult margin outlook. In addition new CEO Andy Green is likely to announce a restructuring in the March/April time frame, creating further forecast uncertainty. LogicaCMG seems to be in a funk – too small to offer the economies of scale of a global Tier 1, while too large to offer the nimble economies of small. As the offshore brigade bids into LogicaCMG’s accounts, any thoughts of margin expansion remain optimistic. We have reduced our target price from 173p to 126p." Source - PG it TIPS 11th Jan 08


I also note that Axon shares closed yesterday at 450p - that's also half of the high they reached in Sept 07; just four months ago. As far as I can see the only 'negative' news from Axon in that period is that Mark Hunter has left. Axon has stated that they will make analyst expectations for the year. As readers know I really rate Mark. Indeed I've known him for a long, long time - since he was just a boy! He will be a very hard act to follow. But I wonder whether even he thought his departure would have this much of a detrimental effect on shareholder value. I'm having lunch with him soon to find out.