Shares of data storage companies slid in today's session, as a well-known analyst cut her estimates for
, one of the biggest names in the group.
analyst Laura Conigliaro
cut her estimates for both EMC and
. Despite keeping the companies on the firm's U.S. recommended for purchase list, she said that ongoing channel checks indicate they will have a hard time meeting projections. EMC slipped $2.96, or 8%, to $34.14 in recent
New York Stock Exchange trading.
, which has jumped 30% in the last month, was off $4.35, or 9.4%, to $42.12 in recent
, which has a 52-week high of $126, lost 44 cents, or 2.7%, to $15.91 in recent activity.
, an EMC spinoff, fell $4.59, or 11.6%, to $35.01, while
was also down, falling $2.34, or 4%, to $56.19.
lost $3.66, or 8.7%, to $38.49, and
dropped $3.65, or 14.2%, to $22.07.
Separately, EMC disclosed plans to cut 1,100 jobs, or 4% of its workforce. The company, which is based in Hopkinton, Mass., said it would post a charge of a penny a share in the second quarter for the job cuts and related expenses. The company also said it expects "modest" earnings per share growth in 2001.