Business Services Industry
Electronic Data Systems Shares Plunge after Earnings Forecast Revision.
Knight Ridder/Tribune Business News, September, 2002
By Crayton Harrison, The Dallas Morning News Knight Ridder/Tribune Business News
Sep. 20--Shares of Electronic Data Systems lost more than half their value Thursday as the technology titan joined Wall Street's lengthening list of companies being punished by investors.
A day after shocking investors with a downbeat third-quarter forecast, the fourth-largest company in the Dallas-Fort Worth area saw its stock hit its lowest level since 1990. A wave of sellers hammered the stock down $19.26 -- or nearly 53 percent -- to $17.20.
EDS' revision of its earnings outlook was so sharp that it sent other technology stocks diving and raised questions about the industry's chances for recovery any time soon. And investors were furious that they had...
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