Netscape earnings may fall short
The company's stock is down 1-7/8 after Morgan Stanley reports that it may miss its first-quarter estimates.
Netscape closed at 27-3/4 a share, down 1-7/8 from yesterday.
Mary Meeker, an analyst with the investment banking house, said Netscape may fall short of First Call earnings projections of 9 cents a share for the first quarter. Meeker estimated that earnings would likely fall around 8 cents a share, in part attributed to product transitions that made the quarter difficult.
Meeker, however, maintained her "strong buy" recommendation and was optimistic about the Internet company's long-term prospects.
Meanwhile, Alex. Brown analyst Mary McCaffrey noted that Netscape is expected to close more deals in the last few weeks of the quarter. McCaffrey is maintaining her "buy" recommendation for Netscape.