COR Therapeutics Hammered After Hours Following Profit Warning
COR Therapeutics (CORR) lowered its guidance for the first quarter and 2001, saying that wholesaler inventory levels have fallen sharply from the end of last year.
The pharmaceutical products company now expects sales of $37 million to $39 million for the first quarter and $245 million to $260 million for 2001. The company previously expected sales of $250 million to $270 million for the year.
Shares of COR lost $1.75 to $31.75 in regular-session Nasdaq trading, but fell to $25.88 in after-hours Instinet activity. In late Island action, the stock traded at $26.50.COR also projected a first-quarter loss of 5 cents to 7 cents a share, reversing the consensus earnings projection of 3 cents a share, according to First Call/Thomson Financial. For the year, the company expects earnings of 35 cents to 37 cents, below Wall Street's estimate of 40 cents. The company, which is based in South San Francisco, Calif., lost 19 cents in the year-ago first quarter and 31 cents for 2000.
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