Informatica Sales Drop Spurs Software Slide: San Francisco Mover
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Informatica Corp. slumped the most in 11 years after the provider of data-integration software said weak demand in Europe caused an unexpected drop in quarterly sales and profit, sending down other software stocks.
The shares fell 28 percent to $31.39 at the close in New York, for the biggest daily decline since July 2001. The Redwood City, California-based company had risen 17 percent this year through yesterday.