Alas, their outlook was also very confident after Q2, which is why analysts' estimates remained high and some investors like me went overweight at these faux deep value prices. To quote from their Q2 MD&A (http://www.ibigroup.com/Lists/Investors%20List/Attachments/25/MDA_June30_2012.pdf):

"IBI Group continues to be confident in its ability to achieve a program  of continuing to build with successful  financial results....

"Accordingly, the outlook for IBI Group for the remainder of 2012 is very encouraging...."