Jocks seller/marketing company Step One got pantsed today on news of a significant downgrade to guidance (and prospectus). The U.S. tends to be where businesses from Downunder go to die and they're busy claiming another victim here with the company saying "USA revenue growth has occurred at a lower rate than expected, as we are working to establish our brand...". The chicks range of jocks also is cited as being a drag. This would come as no surprise to anyone who has had a look at it - I'm no expert when it comes to women's underwear (ok maybe one time) but it looked pretty underwhelming. @Slew flagged this in an earlier post. News that the company expects to spend 46% of revenue on marketing would be enough to make investors fill their jocks.

After listing at $1.53 and reaching a peak of $3.13 just six months ago management were strutting around like Harry Hipants. Today's update caught them with their pants down and shares are trading around 21 cents.

The business was originally well covered by analysts but with a market cap of less than $40m they're likely to have less coverage than a mankini.

[Not held]