Business Services Industry
Electronic Data Systems Reduces Its Earnings Forecasts and Shares Plunge.
Knight Ridder/Tribune Business News, September, 2002
By Crayton Harrison, The Dallas Morning News Knight Ridder/Tribune Business News
Sep. 19--Electronic Data Systems Corp. slashed its third-quarter earnings forecast by nearly 80 percent Wednesday in a sign that tepid corporate spending is still wounding computer services firms.
The Plano-based company also lowered its projection for the rest of the year -- the latest omen that dark days may still be ahead for Wall Street.
The news, announced after the close of regular stock trading, stunned investors. EDS shares fell $1.30 to $36.46 in regular trading, then plunged as low as $23.80 in the after-hours session. If that price holds up Thursday, it would set a 52-week low.
"We've all been looking for signs from some company that...
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