RUSSIA WOES DRIVE DOWN DOLE SHARES.Byline: Ben Sullivan Daily News Staff Writer Shares of Dole Food Co. fell sharply Friday on concern over the impact of Russia's continuing economic turmoil. Dole shares lost $5.75, or more than 14 percent, to close at $34.4375. More than 1 million shares traded, four times the three-month average. About 5 percent of Dole's sales are to Russia. With the drastically dras·tic adj. 1. Severe or radical in nature; extreme: the drastic measure of amputating the entire leg; drastic social change brought about by the French Revolution. 2. devalued de·val·ue also de·val·u·ate v. de·val·ued also de·valu·at·ed, de·val·u·ing also de·val·u·at·ing, de·val·ues also de·val·u·ates v.tr. 1. To lessen or cancel the value of. ruble, analysts worry fewer Russians will be able to buy Dole products and the company's earnings will suffer. Bear Stearns The Bear Stearns Companies, Inc. (NYSE: BSC) is the parent company of Bear, Stearns & Co. Inc., one of the largest global investment banks and securities trading and brokerage firms in the world. & Co. analyst Terry Bivens cut his rating Friday to ``neutral'' and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. & Co. analyst Nomi Ghez cut 15 cents from her 1998 earnings estimate to $2.75 a share. Average estimate of analysts surveyed by First Call is for $2.90. ``There may be more downside Downside The dollar amount by which the market or a stock has the potential to fall. Notes: You might hear someone say that the downside on stock XYZ is $10. What that means is that the stock could fall by this amount if things got bad. in Russia,'' said Ghez, who has a ``market perform'' rating on Dole. Dole also said Friday that it will buy 60 percent of Swedish food distributor Saba Trading AB for an undisclosed price to boost its European presence. The Swedish firm imports fruit, flowers and vegetables from about 60 countries and resells them in Europe. The 950-employee company had $500 million in sales last year while Dole had 1997 sales of $4.34 billion with 27 percent from Europe. |
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