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Blue Martini slumps after Goldman Sachs downgrade

Blue Martini Software shares fell $2.25, or 15 percent, to $12.63 Monday after Goldman Sachs cut the stock from its “recommended list” to a “market outperform” rating.

Goldman Sachs analyst Lilly Bahramipour downgraded the stock Monday, sending it to within a few points of its 52-week low of $12.50 established earlier this year.

Blue Martini (Nasdaq: BLUE) rallied up to an all-time high of $77.63 in August shortly after its impressive initial public offering.

Last quarter, Blue Martini posted a loss, excluding charges, of $6.9 million, or 12 cents a share, on sales of $21 million.

First Call Corp. consensus expects it to lose 10 cents a share in its fourth quarter and 14 cents a share in fiscal 2001.

Three of the four analysts tracking the stock rate it either a “buy” or “strong buy.”