By Benjamin Pimentel, MarketWatch
SAN FRANCISCO (MarketWatch) -- Shares of Autodesk Inc. plunged
Friday, sustaining the worst drop within the S&P 500 index,
after the software company's disappointing results left investors
stunned.
The shares shed 16% to stand at $30.14.
Late Thursday, Autodesk (ADSK) missed revenue forecasts for the
second quarter of fiscal 2013 and cut its outlook, in what
Jefferies & Co. analyst Ross MacMillan called "a big step
back."
"In a surprise to us, Autodesk missed Street revenues by 4%,
blaming execution and soft demand," he wrote.
Despite the decline, the tech sector managed to bounce back from
early losses. The Nasdaq Composite Index (RIXF) was last up a
fraction at 3,066, although the benchmark was on track to end the
week in the red.
The S&P 500 (SPX) also gained a fraction.
Among the notable gainers were shares of Aruba Networks Inc.
(ARUN) which jumped 17% after the networking company reported
upbeat third-quarter results and issued a better-than-expected
forecast.
Also on the rise were shares of Amazon.com Inc. (AMZN) which
were up more than 2% at $246.60. The company announced an "expanded
licensing agreement" with NBC Universal which would allow the
online retailer to offer more online video content.
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