Why is CNXC going down if it looks like such a good deal?

Hello! Last night I found a company called Concentrix Corporation when searching for value stocks that looked really undervalued. It went down 11% yesterday because it’s earnings report showed negative earnings but after doing some digging, I discovered it was because it had acquired another company and payed a one time charge of 1.5 billion dollars. Its PEG ratio is 0.65 and it’s revenue continues to grow at a slow pace of 3% per year. I am confused on why it is continuing to go down today Despite it being well below fair value and DCF valuations. I am new to Investing so I’m sure I’m missing something here. I would greatly appreciate an explanation!