AOL Time Warner took some hard knocks in New York Stock Exchange trading for the third straight day, losing more than $3 a share to $49.30 at the end of the day.
While it pitched strong financial projections to analysts yesterday, it simultaneously posted a $1 billion loss for the 200 fourth quarter. Investors appeared to be responding to the financial present rather than the mega-media giant's potential, sustaining the current sell-off in the stock.
The weak fourth quarter earnings follows news last week that the newly merged AOL Time Warner plans to lay off 2,000 workers in several divisions to achieve operational efficiencies. - Richard Tedesco