Evening Update: Boise Cascade Issues Warning; Arbinet Pulls IPO
Eileen Kinsella
06/09/00 - 06:49 PM EDT
Forest products company Boise Cascade (BCC Quote) warned of weaker-than-expected earnings, citing weakness in the building and office products sector. The company said it expects results well below the first-quarter 60 cents and the year-ago second-quarter earnings of 52 cents a share. The nine-analyst estimate was for 71 cents. Boise Cascade said rising interest rates and easing residential home construction, combined with continued strong industry production have led to lower prices for its products. | Major Indices | | INDEX | CHANGE | % | VALUE | YR TO DATE | | Dow |   -54.66 | -0.51% | 10,614.06 | -7.7% | | S&P 500 | -4.72 | -0.32% | 1456.95 | -0.8% | | Nasdaq |  49.28 | 1.29% | 3874.84 | -4.8% | | Russell 2000 | 8.52 | 1.66% | 523.06 | +3.6% | | TSC Internet | 22.04 | 2.38% | 948.51 | -17.8% | | NOTE | CHANGE | PRICE | YIELD | | 10-Year Treasury | 1/32 | 102 22/32 | 6.126% | |
In other postclose news (earnings estimates from
First Call/Thomson Financial; earnings reported on a diluted basis unless otherwise specified):
Earnings/revenue reports and previews
Chemical company Solutia (SOI Quote) said it will take an after-tax charge of about $30 million in the second-quarter for special items. The charge is expected to reduce earnings-per-share by an amount in the high 20-cent range for the quarter. Back to top Offerings and stock actions
Arbinet Holdings , which created an Internet-based trading exchange for buying and selling network capacity, asked regulators to withdraw its proposed $115 initial public offering, citing market conditions. Back to top
