Why Accenture Stock Tumbled Today

's (NYSE: ACN) top news item Tuesday wasn't all that encouraging and in reaction, investors traded the company's stock down by more than 4% on the day. The storied consultancy is delaying its annual round of promotions, a move that could affect hundreds, if not thousands, of employees.

That news initially came from Bloomberg, which wrote in an article published before market open that Accenture aims to delay most of its planned promotions by six months. Citing unidentified "people familiar with the matter," the article stated that the advancements would be announced next June rather than this coming December -- its traditional month for announcing such moves.

An unnamed representative confirmed the change, saying that the shift in timing is permanent. This person added that June provides "better visibility of our clients' planning and demand."

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Source Fool.com