FactSet Research Systems Inc., a provider of financial data, dropped the most in more than a decade after it forecast fourth-quarter revenue and profit that trailed analysts’ estimates, citing the “volatile” economy.
FactSet Research tumbled 13 percent to $91.70 at the close in New York, the biggest one-day retreat since Sept. 17, 2001. The shares have gained 5.1 percent this year.
Earnings excluding certain items will be as much as $1.17 a share for the fiscal quarter ending Aug. 31, the Norwalk, Connecticut-based company said in a statement today. That compared with an average analyst estimate of $1.21, according to data compiled by Bloomberg.
Revenue for the period will be as much as $208 million, according to the statement. Analysts had projected an average of $210.5 million.
FactSet Research competes with Bloomberg LP, the parent of Bloomberg News.