Rhythms NetConnections Touches New Low, Salomon Cuts Rating
Shares of broadband service provider
Rhythms NetConnections
(RTHM)
hit an all-time low of 84 cents earlier today after being downgraded by
Salomon Smith Barney
to neutral from buy.
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The firm also cut the company's price target to $1 from $10.
Analysts expect the company to report a loss of $2.42 a share for the fourth quarter, according to
First Call/Thomson Financial
. In the third quarter, the company lost $147.6 million, or $2.07 a share, on revenue of $17.2 million.
Shares of Rhythms were recently down 15.2% to 88 cents in
Nasdaq
trading. The 52-week high is $50.
