CommScope Plunges 31.2% as it Cuts Guidance

Author:: TSC Staff
Publish date:: Nov 24, 2000 10:17 AM EST

Telecommunications equipmentmaker

CommScope

fell 31.2% in early trading as it announced a reduction in its 2001 sales and earnings growth forecasts to the midteens from 20%. The company said it was concerned that orders, including those from

AT&T

(T) - Get Report

, were below expectations in the fourth quarter.

CommScope added that it is concerned about order rates and customer financing, but it is not cutting its fourth-quarter earnings estimate. The company is the second in the sector Friday to warn due in part to order difficulties with AT&T.