Re>>Anybody have an idea why the stock is taking such a big hit recently?
Avant Attributes Stk Drop To Share Weakness In Sector >AVNT
Dow Jones News Service ~ March 11, 1997 ~ 5:54 pm EST
NEW YORK (Dow Jones)--Avant! Corp. (AVNT) fell for the second day and its chief financial officer said share-price weakness in Avant's sector may be the cause.
''It could be just some general industry blues, but our business has been strong,'' Chief Financial Officer John Huyett told Dow Jones.
Avant lost 3 5/16, or 12%, to close at 24 1/4 Tuesday on heavy Nasdaq volume of 438,700 shares. Monday it fell 5%.
Avant, of Sunnyvale, Calif., makes software used to design microprocessors. Huyett noted that Avant's chief competitors, Cadence Design Systems Inc. (CDN) and Synopsys Inc. (SNPS), have experienced share price weakness recently.
Huyett said he was comfortable with analysts' consensus estimates for first-quarter net income of 24 cents a share, and said the company recently won a ''very large'' contract that Cadence had also been competing for.
Cadence gained 1/8, or 0.4%, Tuesday to close at 33 7/8. Synopsys gained 2 3/4, or 9.8%, to close at 30 3/4.
(END) DOW JONES NEWS 03-11-97
5:54 PM
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I'm somewhat encouraged that it doesn't appear to be company specific such as an analyst downgrade or earnings forecast warning. My guess is that the stock price should stabilize tomorrow.
Jim |
