From the Raging Bull STXN board at:
ragingbull.altavista.com
Dow Jones Newswires -- September 14, 2000
DMC Stratex Down 13%; Company Has No News
Dow Jones Newswires
By Kathy Chu
Of DOW JONES NEWSWIRES
NEW YORK -- Heavy block trading hammered shares of DMC Stratex Networks Inc. (STXN) down by as much as 17% Thursday.
By the close of 4 p.m. trading, 42 block trades, including 40 of between 10,000 and 50,000 shares and two of up to 100,000 shares, had been executed.
DMC Stratex spokesman Dan Spalding said the company released no news Thursday.
He said he was "surprised" by the stock's plunge, especially since Microelectronics Technology Inc. had released news Thursday of its certification by DMC Stratex as a supplier for wireless
transceiver components.
This should have caused DMC Stratex's stock to rise, if anything, said Spalding.
Investors, posting on Internet chat boards, seemed equally surprised at Thursday's activity, especially given that Morgan Stanley had initiated coverage of the company Wednesday at outperform.
DMC Stratex shares closed 4 p.m. trading at $19.89, down $3.05, or 13.3%, on Nasdaq volume of 3.1 million shares compared with average daily volume of 1.2 million. Shares traded earlier as low
as $19.06.
The company provides wireless services for telephone-network interconnection and access.
-Kathy Chu; Dow Jones Newswires; 201-938-5394
interactive.wsj.com mplate=bb-company-news^STXN
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