By Steve Gelsi, CBS MarketWatch
Last Update: 2:12 PM ET Apr 7, 1999 Thom Calandra's StockWatch
TUSTIN, Calif. (CBS.MW) -- Shares of PairGain rose Wednesday on a buyout report linked on the Internet to company's Yahoo message board, but the report proved to be bogus.
PAIR
NASD
Last Chg.
9 1/2 +1
% Chg. Vol.
+11.76% 12,578,400
Day Lo. Day Hi.
8 1/2 11 1/8
Open Prev.
8 17/32 8 1/2
As of
Apr 07/99 2:53 pm ET
Last Trade
Apr 07/99 2:38 pm ET
15 MIN. DELAY
PairGain Technologies (PAIR) shares rose as much as 31 percent, but the gains ebbed as CNBC, Bloomberg and others reported that the story isn't true.
Nevertheless, the stock still held on to some of its gains as it rose 29/32 or 11 percent to 9 13/32 in recent trades.
"It most definitely was a false report," company spokesman Stephen Moore told CBS.MarketWatch.com. "We're trying to run down who did it."
The report said the phone-equipment maker agreed to be acquired by Israel's ECI Telecom Ltd.
The story listed Bloomberg News as the source. Bloomberg denied it wrote the report, which was linked to the Yahoo message board for PairGain.
The false report, which mimicked the Bloomberg web site's look-and-feel, may have been posted on community Web site AngelFire, sources said. The report later Thursday was removed from the Yahoo message board. |
