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Hey Laura, How's tricks?
1) The Tech analysis folks always tell ya that: Volume precedes price action. Volume Friday, 6/26 was 911,000...almost 4x the average volume for the past few weeks. Wimpy compared to the PMTC action friday though. Cubster sez...Hmmm. Maybe PMTC was making some nervous? Not much price action for such big block movement though if it was sector selling.
2) Sly as a Fox Ol' Laura at Goldman is up to her tricks again (not those kind of tricks you filthy minded ones)...but this time she hammered PTC....by trimming a measly 8 million in revenues (and NO DECREASE in eps!) for pmtc, she just caused it to lose about $1.3 BILLION in market cap (270 million shares * approx $5 drop in price). Now that's efficient markets for ya. Of course we heard it before...sound familiar Sdog fans?
It's the first time she's beat on her old previously untouchable favorite pmtc...but not the first time she has churned Goldman accounts 1-2 weeks before the earnings were due. I seem to remember scars from several similar dumps on sdrc (and sunw, too) even though they made or beat consensus for those quarters. I suspect PTC will make their quarter as well....and SDRC's just too inexpensive here for her to dump on them this time (otherwise she would
have). PTC was an easier stock to get em to churn right now. And churn they did...
PMTC Volume: 14,003,700 (on 6/26, Fri)
30-Day Avg. Volume: 2,588,000
<<NEW YORK, June 26 (Reuters) - Shares in Parametric Technology Corp. <PMTC.O> fell Friday after an analyst at Goldman Sachs cut her revenue forecast for the computer-aided design software maker, a company spokesman said.
John Hudson, vice president of investor relations at Parametric, said Goldman Sachs analyst Laura Conigliaro lowered her revenue forecast for the fiscal third quarter, ending July 4, to $292 million from $300 million.
Goldman kept Parametric on its recommended list and left its per-share earnings forecast for the third quarter unchanged at $0.26, Hudson said>>
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