CP Ships stock falls on stock exchange

CP Ships stock falls on stock exchange

   CP Ships’ stock closed down 2.8 percent Friday on the New York Stock Exchange at $13.07, after the shipping group lowered its profit estimate for 2004.

   Instead of a net income of about $82 million predicted in November for 2004, CP Ships said it estimates its net income for 2004 was in the $70 to $73 million range, before unusual charges of $5 million.