By Will Sturgeon, 3 May 2000 14:42
NEWS A first quarter drop in profits for US telco AT&T preceded a fall in US stock markets yesterday. At close of trading on Tuesday, the Dow Jones index was down 80.66, mirroring a 172.63 fall on Nasdaq. AT&T's share price fell 14 per cent in the wake of the results, which were accompanied by the telco downgrading its sales forecast for 2000. Following last week's record-breaking IPO, AT&T Wireless was also hit by the warning, recording a six per cent fall. Although there were losses across the board, traditional stocks in utilities and energy weathered the storm more successfully than their high-tech counterparts. Financial information service TheStreet.com recorded a fall of six per cent, while Intel and Microsoft recorded drops of five per cent each.
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