I have no idea why the drop occurred. AT&T Wireless is a customer of Coherent, but I saw nothing bad in the earnings release to influence a drop:
"Revenues from wireless services in the first quarter increased $124 million, or nearly 14 percent, to $1.020 billion.
Consolidated cellular subscribers grew to 5.325 million, up 1.093 million or 25.8 percent from a year ago. Despite the
growing subscriber base, net additions in the first quarter of 1997 declined 9.7 percent compared to the first quarter of 1996.
The decline, following the record additions in the 1996 fourth-quarter, reflects increased competition from new entrants in
some markets." from biz.yahoo.com
I was shocked when I came home and saw it. Volume was low, as usual, and yet the stock made a 6 month low. Maybe the market makers were having some fun. Since I didn't look at the intraday chart, I don't know if it was a steady decline or a sudden drop at the end of the day. If it were the latter, it might explain the drop.
Today, the volume is higher and the stock is up slightly, so hopefully, it will move up. If the market mood were better and I hadn't already bought enough CCSC, I'd be loading up the truck. I'm very confident in Coherent's future.
-Todd |
