Stock in Computervision Corp., a Bedford, Mass., company that designs and sells automation systems for industry, was the biggest percentage loser Wednesday on the New York Stock Exchange.
After a delayed opening, Computervision stock plummeted $9.375 to $23.875 after the company reported that revenue growth for the first quarter would fall short of expectations.
"The (company's) news was shocking," said David Wu, an analyst at Montgomery Securities in San Francisco. "I don't think anybody would have guessed that things were that bad."
Computervision said first-quarter sales growth had been slowed by a combination of factors, including a wait-and-see attitude in capital spending plans of customers and the high value of the dollar.