Business Services Industry
First Data Corp. Stock Drops on Earnings Forecast.(Originated from Omaha World-Herald, Neb.)
Knight Ridder/Tribune Business News, October, 1997
Oct. 24--First Data Corp. stock fell 20 percent in early trading Thursday after the transaction-processing company lowered its earnings forecasts.
First Data, which has major operations in Omaha, said in a statement late Wednesday that its earnings for 1997 will fall below analysts' expectations.
The company said it expects to earn $1.51 to $1.56 a share for 1997, down from the $1.58 average estimate of 19 analysts surveyed by a IBES International Inc.
First Data shares tumbled as much as $7.19 a share to $28.75 in early trading on the New York Stock Exchange. The stock recovered slightly and was down $5.94 a share to $30.19 after nearly 90 minutes of trading.
"This revised outlook reflects the lower current rate of...
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