Legato Drops on Poor Report

Shares of Legato Systems plummeted Tuesday after the storage software maker reported second-quarter results that were slightly short of Wall Street estimates.

Shortly before the close of trading, Legato was down 77 cents, or 20.5%, to $2.98.

Mountain View, Calif.-based Legato reported a net loss according to generally accepted accounting principles of $45.9 million, or 45 cents a share, in the second quarter. That compares to a net loss of $10 million, or 11 cents a share, in the same period a year ago and a net loss of $46.7 million, or 52 cents a share, in first-quarter 2002. ...