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Technology Stocks : EDS - Recent pullback a buy opportunity???
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To: Daniel G. DeBusschere who wrote (1601)6/21/2000 12:38:00 PM
From: Daniel G. DeBusschere   of 1841
 
CSC forecasts reduced revenue gains and get a more modest stock hit-
LOS ANGELES (Reuters) - Information technology giant Computer Sciences Corp. (NYSE:CSC - news) on Tuesday lowered its revenue growth expectations for its fiscal first quarter, sparking a sharp decline in its stock.

The stock of the No. 3 computer services provider fell 11-13/16, or 14 percent, to 71-5/16 on the New York Stock Exchange.

The company expects its revenue growth in the first quarter ending in June to be in the range of 11 percent to 13 percent vs. earlier expectations of 14 percent to 15 percent, Computer Sciences spokesman Frank Pollare said.

He cited currency issues, particularly the euro and the British pound, and slowness in the so-called enterprise resource planning market for automating office processes, as well as the left-over effects from preparations for the year 2000 transition.

``We are still comfortable with 18 percent annual revenue growth year over year,'' Pollare said. ``This (first quarter growth slowdown) is a timing issue and nothing that is going to impact us for the year.''

For the fiscal year ended March 31, Computer Sciences said its net income, excluding special items rose 21.7 percent to $432.7 million, while earnings per share rose 20.3 percent to $2.55, and revenues rose 15.5 percent to $9.37 billion.
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14% is a long way from 35%
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