TPG Telecom (TPM) got whacked after releasing results that were in line with market expectations – however, they disappointed in terms of future guidance. The market sold them off by 21.56% on Tuesday, which also took Vocus (VOC) down by 3.64%. It’s just another example of the market getting too bullish on particular themes and pushing valuations to extremes. TPM was on 30 times FY16 earnings ahead of today’s result with a strong track record of under promising and over delivering - not the case today and the shares were sold off accordingly. Read our analysis of TPG & Vocus below.