ADC Bounces Off Low Ahead of Earnings
ADC Telecommunications
(ADCT)
was up 3.4% in early afternoon after bouncing off a 52-week low of $10.63.
The equipment maker is due to report first-quarter earnings after the close. The Street is expecting 6 cents a share.
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But
Robertson Stephens
cut its price target to $16 from $23 and lowered its 2001 and 2002 estimates, saying it expects the company to cut its guidance due to the continuing slowdown in capital spending.
