eLOT Plummets 56.3% After Announcement to Reduce Costs - TheStreet

eLOT Plummets 56.3% After Announcement to Reduce Costs

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eLOT (ELOT) , a provider of Internet services to lotteries, was down 56.3% in preopen Island trading. After the close Friday, the company said it is cutting 16% of its staff and taking other steps to reduce its cash burn. eLOT also said it will meet its revenue goal of $1 million for 2000. The company's stock has been under $1 since Nov. 10. It is down from a 52-week high of $10.81.