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 Accenture (NYSE: ACN ) have plunged today by as much as 14% after the company reported fiscal third quarter earnings.
So what: Revenue in the quarter totaled $7.2 billion, with earnings per share of $1.14. Sales were short of the $7.4 billion consensus estimate, although Accenture beat the bottom-line forecast of $1.13 per share. The company said consulting revenues were below internal expectations.
Now what: Accenture also reduced its fiscal 2013 outlook, and now expects revenue growth this year to be 3% to 4%. That's down from the prior forecast of 5% to 8% growth. The company also expects the negative impact of foreign exchange fluctuations to be greater. Raymond James and UBS both downgraded shares following the results.
Interested in more info on Accenture? Add it to your watchlist by clicking here.
The Motley Fool's chief investment officer has selected his No. 1 stock for this year. Find out which stock it is in the special free report: "The Motley Fool's Top Stock for 2013." Just click here to access the report and find out the name of this under-the-radar company.