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Strategies & Market Trends : Technical analysis for shorts & longs

SPY 693.87

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Jan 13 4:00 PM EST

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To: Johnny Canuck who wrote (41195)	5/21/2004 10:48:47 PM
From: Johnny Canuck	Read Replies (1) of 69722

Black Box shares fall on earnings report Thursday May 20, 11:28 am ET LOS ANGELES, May 20 (Reuters) - Shares in networking equipment distributor Black Box Corp. (NasdaqNM:BBOX - News) sank on Thursday after the company reported revenue and profits that both fell below average Wall Street estimates. ADVERTISEMENT Shares in Black Box dropped 15 percent to $40.93 in morning trade on Nasdaq. The Pittsburgh-based company posted revenue of $129.7 million for the March quarter and earnings per share excluding items, of 65 cents. Analysts polled by Reuters Research, a unit of Reuters Group Plc, had been expecting revenue of $137.5 million and earnings per share of 71 cents. Analysts said the company was suffering at a time when the overall market was improving. "Our key concern about the stock is the company's inability to stabilize and grow revenues, while other network infrastructure companies have reaccelerated. [Harry: We need a few more data points. BBOX is essentially a installer and re-seller, they don't make too much of their own equipment. They also essentially sell to Fortune 500 companies. So is there a demand issue that the author missed. Need to hear the conference call.] The market is improving, but we believe Black Box's high margins are effectively pricing the company out of the market," Robert W. Baird & Co. analyst David Manthey wrote in a note Thursday. He downgraded the stock to "underperform" on the news.

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