Veritas Software (VRTS) - Get Virtus Investment Partners, Inc. Report was down 17% in preopen Instinet trading after the company posted second-quarter earnings of 19 cents per share on sales of $390 million, meeting analysts' estimates. The data-storage software company earned 13 cents per share on $275 million revenue in the year-ago period.
The company lowered its guidance on the full year, saying it now expects 25% to 35% annual growth, vs. its earlier projection of 35% to 50%, with full-year earnings of 73 to 74 cents a share. Analysts were expecting 84 cents a share.
Lehman Brothers this morning cut its 2001 estimates on Veritas to 73 cents a share from 84 cents. Also this morning, Credit Suisse First Boston cut its price target on the stock to $75 from $85.