Stock plummets after weak third quarter earnings

NEW YORK - PracticeWorks Incorporated shares plummeted Wednesday, after the maker of software for dental practices missed third-quarter earnings expectations. <br> <br> Shares of the Atlanta-based company closed at $5.61 on the Nasdaq Stock Market, off $7.01, or 56 percent, on volume of 12 million shares. The an average daily volume is around 200,000 shares. <br> <br> Late yesterday, PracticeWorks reported third-quarter net income of $2.1 million, or 11 cents per diluted share. That compares with a loss of $8.6 million, or 93 cents per share, a year ago. <br> <br> But on a pro-forma basis used by most analysts, PracticeWorks had third-quarter earnings of six cents a share -- less than the eight cents per share projected in a Thomson First Call survey of analysts. <br> <br> Jefferies analyst David Francis said PracticeWorks set expectations for strong third-quarter results in late September during ``extensive&#39;&#39; meetings with investors. <br> <br> Francis called the miss ``extraordinarily embarrassing for the company.&#39;&#39; He downgraded the stock to ``hold&#39;&#39; from ``buy.&#39;&#39; He doesn&#39;t own the stock.