Business Services Industry
First Union's Stock, Credibility Drop after Earnings Warning.
Knight Ridder/Tribune Business News, May, 1999 by Ali, Sam
Knight Ridder/Tribune Business News
May 26 -- For the second time this year, First Union Corp. warned investors that its profits are likely to fall short of estimates, sending the bank's stock tumbling more than 8 percent yesterday.
First Union shares fell as much as 5-13/16, or 12 percent, to 441/8 in early trading in their biggest drop in eight years. The flagging stock eventually settled at 455/8, down 4-5/16, or 8.6 percent.
But the Charlotte, N.C.-based bank's stock wasn't the only thing that took a beating yesterday.
So did First Union's credibility.
Wall Street analysts that track the company's performance didn't take kindly to being blind-sided by bad news twice in as many quarters, and many downgraded their ratings...
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