Lucent warns...againgreenspun.com : LUSENET : Grassroots Information Coordination Center (GICC) : One Thread
Lucent warns...again WebPosted Tue Oct 10 17:15:34 2000 ET NEW YORK - Embattled telecom giant Lucent has warned that its fourth-quarter earnings will fall considerably short of analysts' estimates.
Lucent said it would report Q4 earnings of 17 or 18 cents US a share, far short of Wall Street's 27-cent-a-share estimate. Lucent's stock price has already plunged from a high of better than $84 US to its close of $31.37 US on Tuesday.
But the earnings warning, which came after the regular markets closed, prompted the stock to plunge further in after-hours trading. By 5 p.m. ET, Lucent was changing hands at $24.50 US.
Other telecoms traded lower in the after-hours too. Nortel, which had gained in regular hours trading Tuesday, fell $3 US to $60 US.
Lucent blamed this warning on weakening margins and slowing sales. Lucent has now cut its quarterly growth outlook three times this year.
-- Martin Thompson (firstname.lastname@example.org), October 10, 2000