Schlotzsky's Shares Plunge After Raymond James Cuts Rating
Dow Jones Online News, Monday, April 06, 1998 at 12:51
NEW YORK -(Dow Jones)- Shares of Schlotzky's Inc. plunged Monday
after Raymond James & Associates cut its rating on the sandwich chain's
stock from "neutral" from "buy."
A contact at the firm, which was the lead underwriter of Schlotzsky's
initial public offering of 2.25 million shares in 1995, didn't provide
further details on the downgrade.
At trading near midday Monday, Nasdaq-listed shares of Austin,
Texas-based Schlotzsky's (BUNZ) were off $5.75, or 28%, at $14.75 on
volume of 608,600, more than 10 times greater than average daily
turnover of 56,512.
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