Covad Lowers Expectations

Covad Communications Group Inc., a seller of fast Internet service over copper phone lines, said next year’s sales will be lower than analysts expected. The news sent its shares down 56 cents, or 18%, to close at $2.50 on Nasdaq. The shares are down 93% this year. Covad said it expects sales of $380 million to $390 million next year, with 440,000 to 460,000 digital subscriber lines by January 2002. Analysts had expected sales of $550 million and 650,000 lines, the Santa Clara, Calif.-based company said.