Stock falls as analysts downgrade company
Monday, Aug. 23, 1999 | 11:34 a.m.
KANSAS CITY, Mo. -- Sprint Corp. shares fell $4.0625 -- an 8 percent dip -- to $45 Friday when analysts downgraded the company's stock.
The Kansas City Star reported that eight of 17 analysts following the company cut their quarterly and annual estimates for earnings. Analysts said they were concerned about Sprint's ability to compete with AT&T and MCI Worldcom to provide long-distance telephone service.
The consensus estimate for third-quarter earnings fell from 45 cents to 42 cents a share. Sprint made no public announcements that could have affected earnings.
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