Metromedia Falls on Warning - TheStreet

Updated from 9:11 a.m.

Metromedia Fiber Network


was down 11.9% in early afternoon, falling from gains of 11% in preopen


trading and setting a 52-week low of $1.80.

The company warned 2001 revenue would be between $400 million and $420 million, below earlier forecasts of about $478 million.

The fiber-optic network builder said cash-flow losses will be in line with previous estimates of between $155 million and $145 million.

The stock fell 39.8% during Monday's regular session to sharply below its old 52-week low of $3.38. Monday,

Goldman Sachs

cut its 2001 per-share loss estimate for Metromedia to $1.10 from $1.02, and lowered its price target to $10 from $23.