Watch stocks you care about
The single, easiest way to keep track of all the stocks that matter...
Your own personalized stock watchlist!
It's a 100% FREE Motley Fool service...
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Progress Software (Nasdaq: PRGS ) have plunged today by as much as 14% after its CEO is resigning and issued a warning on its revenue guidance.
So what: Jay Bhatt is stepping down as CEO in order to "pursue another leadership opportunity," effective in December, while the board has begun searching for a new CEO. Phil Pead has been appointed the executive chairman, effective immediately. The company continues to work through its strategic initiatives to reduce costs.
Now what: Shares had jumped after last quarter's earnings, but have given up all those gains and then some with today's announcement that Progress may see "some slippage in revenue growth" as a result of the CEO transition. At the time, it expected revenue growth this quarter between negative 2% and positive 1%, but the company is now pulling back on that guidance by "not reaffirming" its outlook. Some analysts think there's more going on within the company than Progress is letting on.
Interested in more info on Progress Software? Add it to your watchlist by clicking here.