This is most likely the reason for the drop thus far(though I don't put a lot of faith in premarket- haven't covered any yet)
PLEASANTON, Calif. (CBS.MW) -- PeopleSoft warned Monday it expects to miss previous first-quarter forecasts because of weak product sales.
Craig Conway, PeopleSoft's chief executive, said in a statement, "Although consulting revenue and maintenance revenue were on plan, and earnings per share are expected to meet our original guidance, license revenue clearly reflected a cautious economic environment."
The company now expects to earn 14 cents a share on quarterly license revenue of between $130 million and $135 million. PeopleSoft, based in Pleasanton, Calif., sells business automation software.
PeopleSoft said in January it expected to earn 14 to 15 cents a share on revenue of $160 million. According to Thomson Financial/First Call, analysts expected, on average, earnings of 15 cents a share.
Ahead of the news, PeopleSoft (PSFT: news, chart, profile) shares gained 84 cents Monday to close at $37.37.
marketwatch.com
BTW, you really don't want to know wht my cover target is, you'd probably spew your coffee all over your monitor! |
