Earnings were well below analyst estimates of 34 cents a share.Catellus stock closed up 12.5 cents at $17.19, after hitting a52-week high of $17.68 a share in intraday trading on Monday.Despite that, a company spokesman told GlobeSt.com the companyfeels Wall Street is under valuing the company.

Capitalizing on its opinion, the company continued anine-month-old stock buyback program, taking back 796,000 shares inthe quarter for a total cost of $11.3 million. Through the end ofJuly, Catellus has purchased 1,979,200 shares of common stock for atotal cost of$28.4 million.

Second quarter earnings before depreciation and deferred taxes(EBDDT) were $41.7 million, or 38 cents a diluted share, a 30percent leap from EBDDT of $32 million, or 29 cents a dilutedshare, in the second quarter of 1999. The real estate operatingcompany' s chairman and CEO Nelson Rising said continuing strongeconomic conditions in core markets and very significanttransactions put the company "well ahead" of its goal of growingEBDDT by 15%.