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Industry: Email Alert RSS FeedBellSouth stock slides on revised earnings forecast.
RCR Wireless News, November, 2000
ATLANTA -- BellSouth Corp.s stocks slipped Friday after the company revised its earnings forecasts for next year due to the cost of expanding its high-speed Internet business and Latin American wireless operations. The revised earnings forecast calls for 9 percent growth next year, compared with BellSouth's original prediction of 15-percent growth.
The company's shares were down more than 12 percent in mid-day trading to $43.06 per share on the news. CS First Boston analyst Dan Reingold also cut his target price on BellSouth's stock from $65 to $60. Deutsche Banc Alex Brown analysts Ga Jacobi cut his earnings forecasts for BellSouth from $4.8 billion, or $2.58 per share, to $4.5 bill on, or $2.39 per share, but remained confident that the Bay Bells...
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