This is probably old, but in case ...
Dow Jones News Service -- March 11, 1997
CrossCom Stock Recovers Some From Earlier Selling Pressure
NEW YORK (Dow Jones)--CrossCom Corp.'s (XCOM) stock came under heavy selling
pressure Tuesday morning, and spent most of the day trying to recover.
Shortly after markets opened, CrossCom fell nearly 2 points from its opening level to 5 1/2 in
Nasdaq National Market trading. It encountered support there and began clawing its way back.
Recently it had climbed back to 6 3/4, off 10%, on volume of 333,500 shares. Average daily
volume is 101,800.
Company officials declined to discuss the stock's movement. ''We just don't comment on interday
swings,'' a company spokesman said. He declined to answer any further questions.
Market players said most of the selling took place through Herzog Heine Geduld Inc., one of
several market makers in CrossCom's stock.
A trader at Herzog attributed the movement to ''retail sellers.''
CrossCom, of Marlborough, Mass., makes local-area networking and asynchronous transfer
mode systems and switching products.
The company has been losing money for some time, and in November it hired Montgomery
Securities Inc. to help it evaluate its alternatives. A Montgomery official declined to discuss
CrossCom.
CrossCom stock fell 7.7% on Monday. |
