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Viewlogic stock takes a hit

Viewlogic stock drops 14.1 percent, following news that the Viewlogic Systems software developer would fall short of Wall Street's expectations for its third quarter.

Viewlogic Systems (VIEW) today took a 14.1 percent hit on its stock price, following news that the software developer would fall short of Wall Street's expectations for its third quarter.

Viewlogic, which produces computer aided engineering software, saw its stock close at 9-7/8, down 1-5/8 from the previous day.

The stock recovered somewhat by the market's close, after falling 20.6 percent to 9-1/8 during the day.

The company said it will post revenue of $34 million and earn between 14 to 18 cents a share. Wall Street analysts had been expecting the company to earn 23 cents a share, based on Zacks Investment Research.

Viewlogic during the second quarter had reported earnings of $2 million, or 12 cents a year, compared with $1.5 million, or 9 cents per share, a year earlier.

The company had posted revenues of $32.5 million for the quarter, up from $29.1 million a year ago.