Copper Mountain Shares Fall on Lower 4th-Qtr Outlook (Update1) Page 1/3
Copper Mountain Shares Fall on Lower 4th-Qtr Outlook (Update1)
(Adds similar companies in second, fourth and fifth
paragraphs, updates shares.)
Palo Alto, California, Oct. 18 (Bloomberg) -- Copper Mountain
Networks Inc. shares tumbled as much as 67 percent after the phone-
equipment maker said yesterday it expects fourth-quarter sales and
profit to decline from the third quarter.
The news also pushed shares of Efficient Networks Inc., Tut
Systems Inc. and other phone-equipment makers lower this morning.
Copper Mountain, which makes gear used to deliver high-speed
Internet connections on ordinary phone lines, fell $17.34 to $9.53
in early trading after dropping as low as $9. The stock had traded
as high as $125.72 on July 17.
Many of Copper Mountain's customers, which emerged in recent
years to compete with large, incumbent phone companies, are
struggling to pay for gear to expand their networks. Finding fewer
creditors willing to lend them money, these telecommunications
upstarts are scaling back plans to roll out fast Web services. |
