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Industry: Email Alert RSS FeedCompUSA Shares Bottom Out After Warning, Downgrades
Computergram International, March 8, 1999
Shares in computer retailer CompUSA Inc took another dive on Friday following the company's warning that it would post net losses in both the third and fourth quarters on plunging same- store sales and declining gross margins. In trading on the New York Stock Exchange Friday, the stock fell $1.75, or a hefty 22%, to close at $6.375.
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On Thursday the shares had already reached their lowest level in more than 36 months when they dropped to $8.125. The warning led to a series of downgrades Friday from banks including Credit Suisse First Boston, Goldman Sachs & Co, Salomon Smith Barney and NationsBanc Montgomery Securities. Analysts surveyed by First Call more than halved the consensus earnings estimate for fiscal 2000 from $0.85 to $0.41.
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