Business Services Industry
Pittsburgh Post-Gazette Analyst's Corner Column.
Knight Ridder/Tribune Business News, July, 2001
Pittsburgh Post-Gazette Knight Ridder/Tribune Business News
Jul. 22--BLACK BOX DOWNGRADED: Parker/Hunter Inc. downgraded Black Box Corp. [Ticker: BBOX], the Lawrence, Washington County-based networking services and products company, from a "buy" rating to "market performer" in anticipation of disappointing revenues.
The Downtown investment firm noted that most companies in the networking and telecom sectors have been hard hit by the slowdown in capital spending and said, "Black Box is not immune."
The downgrade was prompted in part by heavy insider stock sales -- an officer of the company sold 25,000 shares at $70.50 a share on May 22, leaving that officer with only 446 shares. In addition, the company laid off 105 out of 700 workers,...
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