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Progress slumps to lowest since Dec. ’09

September 29, 2011

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Shares of Progress Software Corp. dropped 8.2 percent yesterday to the lowest price since December 2009. The Bedford software development company said it is forecasting adjusted earnings of 30 to 33 cents a share in the fourth quarter. That would compare unfavorably with the 42 cents, on average, that analysts were expecting. For the company’s third quarter, net income decreased 7 percent to $8.6 million, compared to $9.2 million in the same quarter last year.