Found this... looks like selling may be overdone
Bloomberg News
September 18, 1998, 11:56 a.m. PT
Platinum Software Falls on Concern About Fiscal 1st-Qtr Profit
Irvine, California, Sept. 18 (Bloomberg) -- Platinum
Software Corp. shares fell as much as 42 percent on concern that
the financial-management software company may miss analysts'
estimates for its fiscal first-quarter earnings.
Platinum fell 5 3/16 to 7 5/8 in midafternoon trading of
5.16 million, making it the third-largest percentage decliner in
U.S. composite trading. Earlier, they touched 7 3\8.
Platinum's shares have fallen 48 percent this week on
concern that the Irvine, California-based company may miss
analysts' estimates for the quarter ending Sept. 30. The company
is expected to earn 16 cents a share, the average estimate of
four analysts polled by First Call Corp.
''There's an impression out there in the market that the
company has been sending out negative vibes that they're going to
miss the quarter,'' said Robert Kugel, a First Albany Corp.
analyst who has a ''buy'' rating on the stock.
The drop in the share price stems from ''panic selling,''
said Kugel, who doesn't think the concerns are justified.
--Mylene Mangalindan in the San Francisco newsroom
NICE RALLY MONDAY
C I A O ! |
