Electronic Arts Stock Falls After PlayStation 2 Delivery Delays

Delivery delays plaguing Sony's (SNE Quote) PlayStation 2 continued to haunt Electronic Arts (ERTS Quote), with the stock falling 5.7% Wednesday after U.S. Bancorp Piper Jaffray lowered its estimates.

Anthony Gikas, a Piper analyst, reduced his revenue estimate for the third quarter ending Dec. 31 to $707 million from $732 million, though he maintained his earnings estimate of 73 cents a share.

For the fourth quarter ending March 31, he cut his revenue estimate to $343 million from $368 million, and reduced his earnings per share estimate a nickel to 3 cents. For the year ending in March 2002, Gikas lowered his revenue estimate to $1.7 billion from $1.8 billion and his earnings estimate to 75 cents from 96 cents. (Gikas rates the stock a buy, and his firm has done no underwriting for the company.) ...