What: Shares of Progress Software (Nasdaq: PRGS) fell more than 10% in early trading after cutting guidance for the current quarter.

So what: Progress, which reports fiscal third-quarter results on Sept. 27, now expects $0.27 to $0.29 in adjusted earnings on $128 million in revenue. June estimates called for $0.34 to $0.36 a share in profit on $133 million to $136 million in revenue, the Associated Press reports.

Now what: Wall Street was even more optimistic, calling for $0.36 a share on $134.8 million in revenue. Does the cut scare you? Or do you believe Progress' 12.5 forward P/E represents a buying opportunity? Please weigh in using the comments box below.

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Fool contributorTim Beyers is a member of theMotley Fool Rule Breakers stock-picking team. 'He didn’t own shares in any of the companies mentioned in this article at the time of publication. Check out Tim'sportfolio holdings andFoolish writings, or connect with him onGoogle+ or Twitter, where he goes by@milehighfool. You can also get his insightsdelivered directly to your RSS reader.

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