Acclaim Cuts Earnings Estimates, Stock Tumbles

Last year the company posted a profit of $4 million in the same quarter. Acclaim also reported that for the seven months that ended in March, it expects to report a net loss beween $60-$70 million. Last year during the same period it posted net income of $12 million. Wall Street took the news badly; investors sold off their shares in droves, causing Acclaim's stock to fall over 18 percent to 61 cents a share. It recovered some of that in afternoon trading, eventually closing the day at 64 cents.