A truckload of news arrived on Wall Street after the closing bell, with some of the headlines better than others.
announced that its fourth-quarter earnings would come in at 64 cents a share, 10 cents below the
First Call/Thomson Financial
estimate of 74 cents. The auto manufacturer also said that it was cutting its North American production schedule for the first quarter of 2001 by 9%, or 107,000 units, to 1.05 million vehicles.
As a result, shares of Ford traded down 4.9% to $23 on
, on very light volume.
Adding to tonight's roster of bad news, Internet consulting company
said that it expects losses for the fourth quarter to be --
all together now!
-- wider than Wall Street's forecasts.
The Internet consulting firm said that it expects to lose 6 cents to 8 cents per share for the quarter, significantly lower than the 7 cent per share profit it earned in the year-ago period. Wall Street analysts had expected the company to lose 4 cents a share for the quarter.
Viant also said it expects a $5 million to $7 million restructuring charge during the period. The company said revenue would be between $27 million and $28 million for the quarter. Analysts had predicted revenue of $31.9 million.
At last glance, shares of Viant had not traded.
On the good news front,
posted a narrower-than-expected second-quarter losses but said quarter-to-quarter sales were lower because of the slowdown in the telecom sector.
3Com said its pro forma loss was 15 cents a share, compared with a net loss of 12 cents a share in the prior quarter. Analysts expected the company to lose 20 cents a share for the quarter. The company had lowered its second-quarter estimates by 13% in early December.
3Com popped 12.2% to $8.06 on Island.
In the merger spotlight, shares of
soared 23.6% to $77.38 on Instinet. After the closing bell,
announced that it would purchase Litton in a $3.8 billion deal.
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explains how the rules change when the sun goes down in Investing Basics: Night Owl, a section devoted to after-hours trading.