Trading Halted in Parametric Technology After It Warns
Trading was halted in shares of engineering software maker Parametric Technology(PMTC) on Wednesday after the company lowered earnings and revenue numbers for its current second quarter.
Preopen trading was halted for 40 minutes after the announcement. The stock was the seventh-highest loser in trading Wednesday, according to Instinet. Shares of Parametric fell $1.19, or 16.2%, to $6.17 in trading before the halt, and closed at $6.09. Citing continued weakness in worldwide manufacturing, the Needham, Mass.-based company said it expects revenue for the second quarter ending March 30 to be about 5% to 10% lower than the $208 million consensus estimate. The company said it expects pro forma earnings per share for the quarter to range from a small loss to break-even. Analysts were expecting the company to report pro forma earnings of 4 cents a share, according to Thomson Financial/First Call. "Worldwide manufacturing remains weak, and we continue to see customers delay or reduce software spending," President and CEO C. Richard Harrison said in a press release. The company will announce final results for the second quarter in a conference call at 10 a.m. Eastern time on April 16.>To order reprints of this article, click here: ReprintsTheStreet Premium Services For Personal Service: 877-471-2967
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