Business Objects to Miss Quarterly Targets

Updated from 4:55 p.m. EDT

Investors hammered shares of Business Objects(BOBJ Quote) after the software company warned late Thursday that it will not hit its second-quarter targets for revenue and earnings.

The stock was halted for late trading immediately before the announcement, and when it resumed on Instinet shares dropped $3.79, or 14%, to $43.

The company said it now expects revenue in the quarter to range from $287 million to $291 million. In April, it told investors to expect sales of $295 million to $300 million. Non-GAAP earnings will be 25 cents to 28 cents a share, compared with earlier guidance of 30 cents to 33 cents a share. ...