Business Services Industry
Stock of Cheswick, Pa., Phone Equipment Maker Falls on Dim Outlook.
Knight Ridder/Tribune Business News, September, 1998 by Zapinski, Ken
Knight Ridder/Tribune Business News
Sep. 29--Think of it as Wall Street proving out the old adage about putting all your eggs in one basket.
Shares of Tollgrade Communications Inc. stock dropped $9, or 41 percent, yesterday after the Cheswick manufacturer of high-tech telephone testing equipment said earnings this quarter will be barely half of what analysts expected.
In early trading, the stock dropped as low as $12 a share, the offering price for its initial public offering nearly three years ago. It closed at $12.87.
"It sure has been a rough day for us," Chairman and Chief Executive Chris Allison said.
The company's primary business is a single product that it sells to a handful of customers. And sales to two of them,...
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