What: Shares of communications technologist Harris Corporation (NYSE:HRS) were down 10.2% at 2:30 p.m. EST on Tuesday after its quarterly results and outlook disappointed Wall Street.
 
So what: Harris shares have rallied nicely in recent months on a solid string of contract wins, but today's Q2 revenue miss -- $1.84 billion vs. the consensus of $1.9 billion -- coupled with downbeat full-year guidance is forcing analysts to quickly recalibrate their growth estimates. So while the company's adjusted EPS of $1.49 managed to top estimates by $0.13, the top-line weakness suggests larger competitive and macroeconomic pressures ahead. 

Now what: Management now sees full-year 2016 revenue of $7.6 billion to $7.68 billion, down from its prior view of $7.67 billion to $7.83 billion. "We've made excellent progress in both achieving anticipated synergy savings and identifying additional opportunities," said Chairman, President, and CEO William M. Brown. "As a result, we now expect to exit fiscal 2017 with annual run-rate savings in a range of $140 to $150 million, significantly higher than our previous expectation of about $120 million." Given Harris' seemingly significant revenue headwinds and still-lofty 20-plus P/E, however, I'd hold out for an even wider margin of safety before buying into that bullishness.