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.
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.