Ann: Profit Guidance, page-5

Here are some facts:
- IRI has averaged 4 percent earnings growth over the last 9 years.
- IRI has now experienced two consecutive falling years of profitability.
- Second half income is down between 33 and 39 percent.
- IRI remains highly priced with a price to earnings multiple that is still around 20 despite today's sell-off.

When the story changes you can either cling to your previous view or adjust.

The release of Prognosis 10 was meant to provide Integrated Research "with an exciting platform to enable future growth across all product lines, including the ability to develop cloud based applications."

What happened and what will drive the share price higher in the next six months?
Until then the most likely direction for IRI is to drift lower, perhaps to as low as 70 cents.