<<Why would anyone short a stock that Merrill, Morgan, Goldman,
<<Robertson Stephens, Lehman Brothers, Cowan and Salomon are all
<<pounding the table on?
For the same reason that analysts who had been pounding the table
for PSI downgraded it **AFTER** it announced revenue shortfall.
01/13/97 PsiNet Shares Fall on Gloomy 4th-Qtr Earnings, Revenue Forecast
Herndon, Virginia, Jan. 13 (Bloomberg) -- PsiNet Inc. shares
fell as much as 23 percent after the Internet service said it
expects a fourth-quarter loss and a drop in revenue from the
third quarter.
PsiNet said it expects a loss before interest, taxes and
depreciation and amortization of 21 cents to 24 cents a share. It
expects revenue of $22 million to $23.5 million.
-------------
``It's a down quarter on revenue and this is supposed to be
a high-growth business,'' said Ulric Weil, an analyst at
Friedman, Billings, Ramsey, who estimated the company will have
revenue of $30 million to $31 million.
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....to ``hold'' from ``buy''by analyst Lisa Thompson at Prudential Securities Inc. Prudential Securities Inc. and to ``sell'' from ``hold'' by analyst Mark Roberts at Montgomery Securities.
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The rest probably will follow in the next few days. |
