Las Vegas firm’s stock punished on downgrades

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Monday, April 9, 2001 | 11:01 a.m.

Two financial analysts have issued critical reports on the Las Vegas-based business-to-business electronic purchasing firm PurchasePro.

Analyst George Santana of Wedbush Morgan Securities on Tuesday issued a rare "sell" rating on PurchasePro stock, citing aggressive accounting practices such as listing stock warrants from partners as revenue.

That report was issued the same day Ian Toll of Credit Suisse First Boston downgraded the stock.

PurchasePro shares, which trade on the Nasdaq Stock Market, were down 22 cents at $2.72 this morning. The stock opened at $7.25 last week, dropped $2.69 Tuesday and closed Friday at $2.94.