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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 BMC Software (NASDAQ: BMC ) plunged today by as much as 10% after the company reported earnings.
So what: Revenue in the quarter was $580 million, which led to non-GAAP earnings per share of $0.99. Both top- and bottom-line results were shy of analyst forecasts, which called for revenue of $587.4 million and $1.01 per share in profit. CFO Steve Solcher said the company had lower-than-expected bookings in two of its key business units.
Now what: BMC Software also reduced its guidance for the full year. The company expects non-GAAP earnings per share of $3.35 to $3.45, down from its prior range of $3.49 to $3.59 per share and below the Street's expectations of $3.56 per share. Cowen also downgraded its rating on BMC Software from "outperform" to "neutral" after the results.
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