Market punishes tech's bad news
Article Abstract:
Share prices of Biogen and Motorola fell abruptly and sharply, causing the devaluation of over $20.9 billion in the stock value of biotechnology and communications equipment firms. Analysts said investors overreacted to the bad news regarding the income forecasts of both firms. Biogen's shares fell $12 or 18.5% after it failed to meet earnings estimates by 2 cents. Motorola, however, could not meet its second-quarter estimates because of a shortage in cell phone parts.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Yahoo fails to offer haven from tech earnings carnage
Article Abstract:
Yahoo's earnings results did not offer much comfort for investors. It beat earnings estimates by a penny, earning 13 cents per share, excluding acquisition charges. Its revenue topped estimates of $280 million to $295 million when it reached $295.5 million. However, it was not enough to get people excited about the stock. Investors did not wait to start selling as shares of Yahoo fell $7.50 to $7.19 in after-hours trading.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2000
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Cisco's streak may not be last to end
Article Abstract:
Cisco Systems has unexpectedly ended its famous 29-quarter streak of beating analysts' earnings estimates. Cisco's already beaten-down shares dropped $4.69, or 13%, to $31.06 on Wednesday, wiping out $33.8 billion in market value. The development has shifted attention to other companies that have kept up streaks of 20 or more quarters meeting or beating estimates. Many of the firms in Standard and Poor's 500 have taken steps amid the economic slowdown to sidestep, or even prosper, during the discouraging 4th qtr 2000.
Publication Name: USA Today
Subject: News, opinion and commentary
ISSN: 0734-7456
Year: 2001
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