Short Take: Checkfree shares tumble
Checkfree shares tumbled 13 percent after Lehman Brothers analysts cut their fiscal 1997 revenue estimate by 7.5 percent. Shares fell 2-5/8 to 17 on trading of 2.5 million shares. A Lehman analyst attributed the revised estimate to Checkfree's lower than expected subscriber growth and to a delay in the close of the company's purchase of Intuit's Intuit Services unit.
shares tumbled 13 percent
after Lehman Brothers analysts cut their fiscal 1997 revenue estimate
by 7.5 percent. Shares fell 2-5/8 to 17 on trading of 2.5 million
shares. A Lehman analyst attributed the revised estimate to Checkfree's
lower than expected subscriber growth and to a delay in the close of the
company's purchase of Intuit's Intuit
Services unit.