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Macromedia downgraded

Banc of America Securities analyst Greg Vogel cut his rating on Macromedia to "market performer" from "buy" Tuesday, after the company lowered its revenue guidance for the March quarter. Citing a weak economy, the software company said Monday it expects to report revenue of $85 million to $90 million for its quarter ending March 31. This figure will exclude revenue from its upcoming merger with Allaire. Vogel said he had expected Macromedia to report revenue of $100 million for the quarter. "We believe that visibility at this point remains very poor, and do not expect a meaningful near-term reacceleration of revenue," Vogel said in a research note.

Banc of America Securities analyst Greg Vogel cut his rating on Macromedia to "market performer" from "buy" Tuesday, after the company lowered its revenue guidance for the March quarter. Citing a weak economy, the software company said Monday it expects to report revenue of $85 million to $90 million for its quarter ending March 31. This figure will exclude revenue from its upcoming merger with Allaire.

Vogel said he had expected Macromedia to report revenue of $100 million for the quarter. "We believe that visibility at this point remains very poor, and do not expect a meaningful near-term reacceleration of revenue," Vogel said in a research note.