headed lower in extended-session Instinet trading after the company met analysts' third-quarter earnings estimates and disclosed plans to cut 900 jobs, or about 15% of its workforce.
The company's shares were losing 5.2% to $20.80 after the close. After the regular session ended, Comverse reported third-quarter earnings, excluding items, of 11 cents a share, matching the First Call consensus estimate. Sales dropped to $295 million from $318 million in the same quarter a year ago.
The job cuts are part of a cost-cutting plan the company has formulated. Comverse expects to incur restructuring and other charges of up to $60 million during the fiscal fourth quarter, which ends Jan. 31.
Volume among the top movers was on the light side. In the first hour of extra trading, around 2.3 million shares changed hands among the 20 most active stocks on Instinet.
was slipping 1.5% to $25.22. The
Nasdaq 100 Tracking Stock
was up 0.1% at $41.29.
was flat at $14. In regular trading, the stock lost 13.3%. Earlier, Merrill Lynch downgraded the company's shares, saying a recent financing arrangement suggests that PacifiCare's liquidity issues are worse than had been thought.
was unchanged at $33.19, and
was flat at $15.11.
was level with the regular-session close at $18.93.
was up 0.4% to $20.70, and
was off 0.2% to $67.16.
was one of the late session's biggest winners, advancing 8.1% to $6.81.
was up 5.2% to $2.42 after the company reported a first-quarter loss of 19 cents a share, excluding items.