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Syke Enterprises Plummets on Warning

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Syke Enterprises

(SYKE) - Get Report

was down 36.1% at midday after saying contract delays and revenue shortfalls would push earnings into negative territory. For the third quarter, the company said it expects an 11 cent per share loss compared with the Street's estimate of a 24 cent profit and a 10 cent gain a year ago. The company also ended an alliance with

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Perot Systems

(PER) - Get Report

and will take a 1 cent per share charge. In addition, Syke said it was forced to restate 1998 earnings because of a customer lawsuit.