Remedy Corp. (Nasdaq: RMDY) lost almost half its value Wednesday, closing down 19 47/64 at 22 3/8. The Mountain View, California-based e-business software maker was downgraded by two analysts after reporting second quarter results.
Remedy said revenue for the second quarter rose to $69.1 million (US$) from $53.0 million, while net income advanced to 24 cents per share from 22 cents. “End-of-quarter attrition in one sales region made the quarter a bit challenging,” said Chairman and Chief Executive Officer Larry Garlick. “As we catch up to our sales force hiring goals, we believe we are very well positioned to extend our market leadership and leverage the rapidly growing markets we address.”
After the report, Remedy was cut to “buy” from “strong buy” at CIBC World Markets, and lowered to “market perform” from “buy” at Chase H&Q.