The Night Watch: WorldCom Plunges on Revenue Warning
Traders didn't have a lot to get excited about after the close Friday, until WorldCom (WCOM) upset the rather quiet mood with a revenue warning.
Following the close of regular trading, WorldCom lowered its revenue guidance for 2002 and cut its capital spending plan. The stock was lately down 13.5% to $5.17, making it the biggest percentage loser on the Instinet platform after the close.
As usual on a Friday, little corporate news was being released. Volume was moderate, with around 2.9 million shares changing hands among the top-20 volume movers 75 minutes into the late session.
Credit card issuer Metris (MXT) was ticking up 0.1% to $13.13, and a handful of other non-tech companies were making their way onto the volume leader board. Tyco International (TYC) was active, but unchanged at $29.89.Sun Micro (SUNW) was slipping 0.3% to $9.12, and the Nasdaq 100 Unit Trust (QQQ) was down 0.2% to $34.40. Microsoft (MSFT) was ticking up 0.1%, while Cisco (CSCO) was slightly lower, and Intel (INTC) was unchanged.
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