Robert Half International slides after earnings and downgrade

• Shares of Robert Half International (RHI -11.2%) fall sharply after Q1 results were posted.
• Though revenue was up across business lines (Accountemps, Management Resources, Technology), SG&A expenses rose at a slightly faster clip, up 8.8% Y/Y during the quarter to $398.07M.
• Gross margin fell 20 bps to 40.8% of sales.
• Avondale Partners moves to a Market Perform rating on RHI after digesting the report.
• Previously: Robert Half EPS and revenue in-line (April 26)