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Peregrine Systems Tumbles After Predicting Loss

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Peregrine Systems

(PRGN)

was falling in the premarket session after cutting its third-quarter outlook.

The San Diego software company said it expects to lose 7 cents or 8 cents a share, pro forma before items, in the quarter; analysts had been expecting earnings of 10 cents a share. Peregrine, which expects third-quarter revenue of $175 million, cited the global economic slowdown.

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On Instinet, the company's shares were recently losing 27% to $10.50 each.