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November 28, 2009

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Wider loss predicted for LV tech company

Wednesday, May 30, 2001 | 11:07 a.m.

Despite a Tuesday rally in PurchasePro stock, Prudential Securities analyst Tim Getz is maintaining a "sell" rating on the shares.

Getz issued a report this morning that lowered revenue projections for PurchasePro from $24.6 million to $24 million for the second quarter. Getz also reduced his earnings forecast from a loss of 12 cents per share to 15 cents per share.

The revised forecast stems from the company's 10-Q financial report filed Tuesday with the Securities and Exchange Commission.

This morning shares of the Las Vegas-based software company fell 13 cents, or 7.6 percent, to $1.56.

Prudential's 12-month forecast on the stock price is $2 per share.

Tuesday's rally of PurchasePro shares came shortly after the business-to-business e-commerce company finally filed its 10-Q financial report with the Securities and Exchange Commission, which apparently was not as detrimental as investors had predicted.

The company reported a net loss of $33.5 million or 49 cents a share for the first quarter ended March 31.

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