While AT&T (T: sentiment, chart, options) was thought to be the hardest hurt from the unlocking of Apple (AAPL: sentiment, chart, options) iPhones, it's nothing compared to the punishment being meted out on Synchronoss (SNCR: sentiment, chart, options) . Apparently, SNCR is the company that actually activates iPhones for carriers like AT&T. With no slowdown in the trend, and Apple able to do little to stop consumers from unlocking their iPhones, SNCR is taking a massive hit.

The company announced today that it expects to earn 10 cents to 11 cents per share on revenue in a range of $24 million to $25 million for its current quarter. Wall Street analysts had forecast earnings of 19 cents per share on revenue of $35.2 million. On a conference call, Synchronoss Chief Executive Stephen Waldis said the number of unlocked iPhones is significant, "and we expect this trend to continue."

Following the announcement, SNCR shares plunged more than 40%, hitting a new annual low in the process. On a year-to-date basis, the equity is down more than 35%. Despite the technical woes, options players are looking for a rebound, as the stock's Schaeffer's put/call open interest ratio (SOIR) of 0.22 ranks above 85% of all those taken during the past year. Analysts are also bullishly aligned, as Zacks.com reports that 5 of the 8 brokerage firms following SNCR rate it a "buy" or better.