fell sharply Friday after the bond broker reported an uneventful second quarter but said earnings in its current period would miss analyst estimates.

New York-based eSpeed earned $9 million, or 16 cents a share, in the three months ended June 30, compared with earnings of $8 million, or 14 cents a share, last year. Revenue was $42.8 million in the latest quarter compared with $39.1 million a year ago. Analysts had been forecasting earnings of 16 cents a share in the latest quarter.

For the third quarter ended Sept. 30, eSpeed expects to earn 9 cents or 10 cents a share excluding items, well short of the Thomson First Call consensus of 18 cents a share. It also lowered full-year guidance to 53 cents to 55 cents a share, and said it would undertake "aggressive investment" in an effort to drum up sales.

The stock was recently down $1.36, or 13.2%, to $8.95, roughly 16 times the high end of its full-year guidance.