Majesco Shares Tumble
Shares of Majesco plummeted Wednesday, a day after the company cut its 2005 financial targets and said Chief Executive Carl Yankowski had resigned. Majesco (down $3.61 to $3.28), which started its downward plunge after the bell Tuesday, tumbled 50 percent in afternoon trading.
The company said Tuesday it had elected current director Jim Halpin as chairman and had begun a search for a new CEO. Majesco previously forecast net revenue of $175 million to $185 million and operating income of $16 million to $18 million. The company said it now expects sales of $120 million to $125 million and an operating loss of $16 million to $19 million.