2.31%C 7.40 5.37%QQQQ 27.81 2.83%
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NEW YORK - Shares of Computer Sciences above. dropped Wednesday even after the technology consulting services provider reported fiscal first-quarter earnings beat Wall Street's expectations.
| CSC | 27.54 |  -0.98 |
Analysts called the quarter's results "mixed," and Stifel Nicolaus analyst George Price downgraded the company to "Hold" from "Buy."
While the company's revenue, as well as earnings per share, were ahead of his and Wall Street's average expectations, Price noted that the company's earnings "benefited from a much lower than expected tax rate, and otherwise would have missed expectations as well as have been below the (company's) guidance range."
Computer Sciences' growth outlook, he added, "remains generally intact, but we are less confident on the margin improvement story."
Wachovia analyst Eric J. Boyer also called the results mixed, noting the tax rate disparity. He rates the stock "Market perform."
Shares of the Falls Church, Va.-based company fell $2.13, or 4.5 percent, to $45.66 in afternoon trading. In the past 52 weeks, the stock has traded between $36.91 and $60.
U.S. stocks were mixed on Thursday after retailers reported mostly disappointing sales while other big-name companies announced layoffs and Europ...
China markets opened lower on Tuesday morning as the investors' confidence hit by the signals that global recession are deepening.
The markets have spoken: risk aversion is still the name of the game and that was obvious since the beginning of the week.
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