Parametric, Polycom, Constellation Brands Among Top Stock Price Percentage Losers Apr 5th
Parametric Technology (NASDAQ:PMTC): Parametric (NASDAQ:PMTC), which develops product lifecycle management software, is falling significantly after the company provided Q2 earnings guidance of 26c-28c, versus the consensus estimate of 34c. The company’s revenue was also lower than expected. “The primary issue in Q2 was that a large European deal did not close in the quarter,” said Parametric CEO Jim Heppelmann. “Unexpected dynamics” at the company, which is involved in a “change of control situation…disrupted closure of the deal,” the CEO added. The deal is at risk, Heppelmann said. In mid-morning trading, Parametric dropped $5.48, or 20.14%, to $21.72. Parametric peers also declined following the news, with Autodesk (NASDAQ:ADSK) and ANSYS (NASDAQ:ANSS) both in the red in mid-morning trading. The shares closed at $21.46, down $5.74, or 21.1%. They have traded in a 52-week range of $14.25 to $28.95.
Polycom Inc (NASDAQ:PLCM): Teleconferencing products maker Polycom (NASDAQ:PLCM) is dropping sharply after the company earlier this morning preannounced Q1 adjusted EPS guidance of 21c-23c, versus analysts’ consensus estimate of 30c. The company’s Q1 revenue guidance was also lower than expected. “We estimate that we grew quarterly revenues approximately 7% year-over-year, with each region recording increases. However, the growth rate was below our overall expectations, driven primarily by shortfalls in Asia Pacific and North America,” said Polycom CEO Andrew Miller. Polycom said that its Q1 revenue had grown 1%-3% year-over-year in North America and 5%-8% in the Asia Pacific region. Revenue from the company’s unified communication group systems products increased 4%-6%, while revenue from unified communication personal products rose 7%-9%, the company added. In a note to investors this morning, UBS defended Polycom, saying that the company’s stock is on sale at current levels. The firm believes that demand for the company’s products is bottoming, and sees the company as a potential takeover target. UBS maintained a Buy rating on Polycom, which sank $3.49, or 19.19%, to $14.70 in early trading. Cisco (NASDAQ:CSCO), which also sells teleconferencing products, was also trading lower. The shares closed at $14.56, down $3.63, or 19.96%. They have traded in a 52-week range of $14.45 to $49.12.
Constellation Brands, Inc. (NYSE:STZ): Says committed to growing in line with U.S. wine and spirits industry growth in FY13 and beyond. Says expects consumer take away of its products at retail to continue to meet expectations. Comments made on the Q4 earnings conference call. The shares closed at $21.61, down $3.08, or 12.47%. They have traded in a 52-week range of $16.42 to $24.87.
Want news like this in real-time so you can get an edge? Click here for Wall St. Cheat Sheet Pro.
To contact the reporter on this story: Derek Hoffman at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org