Inktomi's Spending Forecast Lends a Sober Note to Tech Carnival

Maybe Inktomi (INKT Quote) should start writing its earnings estimates with a pencil instead of pen and ... well, you get the idea.

Today's Coverage

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Fed Scorecard

The Internet infrastructure company said at the market's close Wednesday that revenue and earnings for its fiscal first quarter ended Dec. 31 would fall short of previous expectations. Announcement of the shortfall -- which Inktomi blamed on a slowdown in infrastructure spending resulting from U.S. capital market conditions and the broader economy -- comes one day after Robertson Stephens analyst Dane Lewis's gloomy forecasts about Internet infrastructure spending sent Inktomi and other tech stocks tumbling.

Buoyed by the Fed's surprise rate cut, Inktomi jumped 27% Wednesday to close at $18.50. After the postclose warning, however, the stock was quoted about $4.25 lower on Island. ...