SOURCE: Five Star Equities

Five Star Equities

July 09, 2012 08:20 ET

Tech Companies Slide After Informatica Cites Poor European Outlook

Five Star Equities Provides Stock Research on Informatica and Autodesk

NEW YORK, NY--(Marketwire - Jul 9, 2012) - Both the Dow Jones and S&P 500 fell roughly 1 percent Friday after the Labor Department's report showed job growth in the U.S. fell short of analysts' expectations. Additionally shares of major tech companies in the S&P 500 fell sharply after software company, Informatica, lowered its second quarter earnings due to a poor European outlook. Five Star Equities examines the outlook for companies in the Technology Sector and provides equity research on Informatica Corp. (NASDAQ: INFA) and Autodesk, Inc. (NASDAQ: ADSK).

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"I am disappointed that we fell well short of our own expectations in the second quarter of 2012," Informatica's Chief Executive Sohaib Abbasi said in a statement. "Clearly, we did not adapt as rapidly as we should have to the changing macroeconomic environment, especially in Europe." The company's poor European outlook and subsequent drop in share price triggered a domino effect amongst other tech companies who are seen as vulnerable to an economic slowdown in Europe.

Technology was the worst performing sector out of the 10 in the S&P 500 Index as Autodesk, Citrix Systems, EMC, F5 Networks, JDS Uniphase, Red Hat, and Teradata all saw losses of 5 percent or more.

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Informatica Corporation is the world's number one independent provider of data integration software. Shares of the company plunged nearly 28 percent as they now expect to report revenues of between $188 million and $190 million in the second quarter. The company's previous estimates were between $210 million to $220 million.

Autodesk is a leader in 3D design, engineering and entertainment software. Customers across the manufacturing, architecture, building, construction, and media and entertainment industries -- including the last 17 Academy Award winners for Best Visual Effects -- use Autodesk software to design, visualize, and simulate their ideas. The Board of Directors recently approved the repurchase of up to 30 million shares of the company's common stock, in addition to the approximately 12 million shares that remained at the end of the first quarter of fiscal 2013.

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