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Orange shares were priced at 10 euros, toward the lower end of the already lowered range of 9.50 and 11 euros a share, and they did little more than tread water when trading opened.
The company, based in Lisle, Ill., said it expected to earn 29 cents a share in the quarter, below the previously lowered range of 35 cents to 38 cents it forecast on March 7.
That's down from a previously lowered range of $51.5 billion to $60 billion.
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Analysts had expected the lower range of 2003 earnings.
Hare said the findings would "tend to push the budgets towards the lower range of the estimates available at present".
Second-quarter bookings will be in the lower range of the company's estimates.
If the El Nino comes back with a vengeance, we should expect the lower range of the Noaa forecast to be the best forecasting bet.
Payne and Taylor have always made movies about the melancholy middling-to-lower range of achievement and ambition, the near-losers that Americans hate but that so many of us at our most demoralized become.
But the classic musical-theater roles for stars like Merman hover mostly in the lower range of the voice, a comfort zone for projecting words clearly.
The waves limited the lower range of tip speed ratios at which the turbine could operate.
Zynga said it saw third quarter revenue of $317 million, which was slightly above the lower range of $300 million to $305 million the company said it would see earlier this month.
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