Tibco Software

(TIBX)

was down 9.2% in preopen

Island

trading.

After the close Wednesday, the company warned that first-quarter sales would be $80 million to $84 million, or 14% to 18% below the Street's estimate. The company did not provide any earnings guidance.

Deutsche Banc Alex. Brown

downgraded the stock to buy from strong buy, but said it still remains attractive for long-term investors.