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Non-Tech : Instinet Group, Inc. (INET)
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To: Glenn Petersen who started this subject9/24/2001 8:49:31 AM
From: Glenn Petersen  Read Replies (1) of 46
 
Instinet Group warns of third-quarter shortfall

NEW YORK, Sept 24 (Reuters) - Instinet Group Inc. <INET.O>, which runs the world's No. 1 alternative stock trading network, on Monday said its third-quarter profits would be sharply lower than expected as trading volume was hurt by the shutdown of U.S. stock markets after the Sept. 11 attacks.

Instinet, a majority-owned unit of global news and information company Reuters Group Plc <RTR.L><RTRSY.O>, said the four-day trading hiatus after the attacks on the World Trade Center and Pentagon lowered earnings by about $18 million, or 4 cents per share. It now expects third-quarter earnings of 7 cents to 9 cents per share. The forecast excludes a $25 million restructuring charge announced in July.

Analysts had been looking for earnings of 4 cents per share to 18 cents per share, with a mean forecast of 12 cents per share, according to research firm Thomson Financial/First Call.

Instinet said daily trading volume dipped slightly in August, with 5.04 billion shares changing hands on its systems during the month. A year ago, 5.06 billion shares changed hands on its network during the month.

Shares of Instinet, which went public with a $464 million stock offering in May, closed Friday at $10.27 on the Nasdaq.

08:19 09-24-01
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