ICT Group's Shares Shed 26%

Shares of management solutions provider ICT Group(ICTG Quote) were down 26% after the company said its fourth-quarter earnings will be lower than expected due to the economy's weakness.

The company also was downgraded from strong buy by both Adams Harkness and SWS Securities. Harkness downgraded ITC to market perform, and SWS Securities downgraded the company to market outperform.

Recently, shares were down $3.67 to $10.17 on the Nasdaq.

After certain charges, the company said it expects to have a loss of 46 cents to 59 cents a share. Earnings before charges and restructuring are expected to be 13 cents to 16 cents a share, compared with earnings of 24 cents a share in the comparable quarter last year. Analysts expected the company to earn 28 cents a share. The company will take a $10 million to $12 million restructuring charge from the closure of facilities in the U.S. and Europe.

The Newtown, Penn.-based company said it expects revenue to be on track with its previous forecast of $76 million to $78 million.