Network Associates (Nasdaq: NETA), which supplies businesses with network security and management software, announced an earnings warning late Tuesday, and shares of the stock are down more than 20 percent in early trading today, shedding 5-3/16 to 16-3/4.
The company said it will earn 30 to 32 cents in the first quarter of 1999, while analysts surveyed by First Call were expecting 48 cents. The disappointing earnings are due in part to clients delaying purchases while they try to fight the millennium bug.
Reductions in business because of Y2K worries have also recently brought down stocks like Axent (Nasdaq: AXNT) and Peoplesoft.
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