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Macromedia slumps on slow start of Studio MX 2004

Macromedia shares fell 30 percent on Thursday, one day after the software company cut its revenue growth target for the year, citing slower-than-expected adoption rate of its Sudio MX 2004 suite. Macromedia said it now expects revenue for the fiscal year ending March 31 to increase by 5 percent to 10 percent, down from its previous view of 10 percent to 20 percent. The stock, which was the No.1 percentage loser on Nasdaq, fell as much as US$8.81, to $18.32.

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