Network Associates saw its shares spiral after a financial analyst said he was concerned about whether the company could meet its fiscal first quarter earnings estimates.
John Powers, an analyst at Banc Boston Robertson Stephens & Co, adjusted his investment rating from 'strong buy' to 'buy', which caused the stock price of the enterprise management and security company to drop 22 per cent to close at $32.25, on volumes of 23 million.
In January, Network Associates, which owns Dr Solomons and Trusted Information Systems, warned that its earnings would be reduced because of new Securities and Exchange Commission regulations. The regulations relate to how companies write off acquisition charges.
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