VA Linux Sinks 21.6% as Loss Widens
VA Linux
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was down 21.6% in early trading after hitting a 52-week low of $5.50. On Feb. 24 last year, the stock reached its high of $134.50.
After Tuesday's close the software maker posted a loss of 28 cents a share, missing the Street's 26 cent estimate. The company also said it would cut 25% of its staff and pushed back its profitability date nine months to October 2002.
J.P. Morgan Chase
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downgraded the stock to market performer from long-term buy.
Credit Suisse First Boston
cut it to hold from buy and
Lehman Brothers
lowered its 2001 earnings estimate.
