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3Com Takes A Tumble

12/10/2000 7:00 PM Eastern

Shares of cable modem and telecommunications equipment maker 3Com Corp. took a nose dive last week after the company announced it would not meet earnings expectations. 3Com's stock lost 25 percent of its value, or $3.34 per share, to $10.03 in heavy trading Dec. 5. Two analysts lowered ratings on the company, including Lehman Bros. Inc. (to "neutral" from "outperform") and Goldman Sachs & Co. (to "market performer" from "market outperformer"). Because of the softening economy and lower than expected capital spending by telecom companies, 3Com said it would report a pro forma loss of 19 cents to 23 cents per share in its fiscal second quarter. The analysts' consensus estimate for the period was a loss of 8 cents per share.

 

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