Portal Software Nose-Dives 62.4% on Outlook

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Portal Software

(PRSF)

was down 62.4% in midmorning. Late Tuesday the company reported third-quarter earnings of 4 cents a share, 2 cents better than the Street's estimate and up from a year-ago loss of 1 cent.

But

Goldman Sachs

downgraded it to market perform from recommended, citing the company's comments about slower growth due to the tightening capital markets. Goldman said it expects Portal's North American sales to be "sluggish" in the next couple of quarters.

Prudential Securities

downgraded it to accumulate from strong buy and slashed its target to $20 from $75.