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Profit Slowdown at Fore Systems Sends Stock to 30-Month Low.(Originated from Pittsburgh Post-Gazette)
Knight Ridder/Tribune Business News, April, 1997 by Newman, Michael
Apr. 2--Fore Systems lived up to its name yesterday, as its stock price careened out of control like a badly hit golf ball on reports of slowing sales and stiffer competition.
Its shares closed at 13 1/16, down 1 15/16, after reaching a 30-month low of 10 earlier in the day. Fore was among the most active stocks on U.S. markets, with 24 million shares traded. That represents about 10 times the normal daily volume.
The Warrendale-based networking company announced yesterday that preliminary profits for the quarter ended Monday will be 4 cents to 5 cents a share, compared with an 11-cent loss in the year-earlier quarter. Wall Street analysts, however, had expected earnings of about 15 cents a share, according to a survey by First Call.
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