By Tomi Kilgore & Brenon Daly, CBS MarketWatch
Last Update: 8:22 AM ET Dec 7, 1999 NewsWatch
Market Pulse
NEW YORK (CBS.MW) -- Visx, Inc. saw its shares get pummeled in pre-market trading Tuesday after the International Trade Commission ruled that a competitor did not violate the Tariff Act of 1930.
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12/7/99 8:36:52 AM ET
Visx (VISX: news, msgs) plunged 20 1/8, or 23 percent, to 68, according to Art Hogan, chief market analyst at Jefferies & Co. The ITC said in an "initial determination" that Nidek Co., and its U.S. subsidiaries was not in violation. Visx, which develops refractive laser technology for use in eye surgery, plans to file a petition with the ITC for a full review. If the review is granted, a final determination will be issued on March 6, 2000. Nidek is a privately held Japanese company that imports lasers into the United States.
On Oct. 14, Advest Inc. analyst Theodore Huber conveyed his concerns on the impending ITC ruling on Nidek. The stock dropped 9.6 percent from the 80 21/32 level that day despite topping analyst earnings estimates. See related story. |
