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Covad Delays Earnings Report; Warns of Higher Charges
Covad Communications (COVD Quote) said Friday it will postpone its fourth-quarter and 2000 earnings release to deal with "complex accounting issues related to revenue recognition," and said it expects to take a "substantially larger" restructuring charge due to its cost-cutting actions.
Shares of Covad slipped 81 cents, or 28.26%, to $2.06 in pre-open Island activity, down from Thursday's closing price of $2.88 on the Nasdaq. Shares were not trading on the Nasdaq at Friday's open. ...
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