Silke
30.01.2001, 20:27
Tuesday January 30 12:24 PM ET
Brocade Shares Fall Over 10 Percent
LOS ANGELES (Reuters) - Shares of network storage equipment maker Brocade Communications Systems Inc. (NasdaqNM:BRCD - news) fell more than 10 percent in midday Tuesday trade, after a Goldman Sachs analyst made cautionary statements on the stock in a morning call.
Goldman Sachs analyst Laura Conigliaro said the company was not likely to deliver the same upside surprises seen in the past, a Goldman spokesman confirmed to Reuters.
Brocade's stock lost more than 10 percent to an intraday low of $94, before recovering a bit to trade at $94-5/8, down $10-3/16. Brocade was among the Nasdaq's most active stocks.
Analysts and traders noted there was no other news in the market, and several block trades were executed shortly after the Goldman call.
Conigliaro made positive comments on Brocade, but said its stock price had reached high levels and noted a potentially slowing growth rate, the spokesman said.
Brocade makes equipment designed to improve data storage in computer systems and fiber channel switches.
The company is expected to report earnings on Feb. 21 for its quarter ending on Wednesday.
Brocade Shares Fall Over 10 Percent
LOS ANGELES (Reuters) - Shares of network storage equipment maker Brocade Communications Systems Inc. (NasdaqNM:BRCD - news) fell more than 10 percent in midday Tuesday trade, after a Goldman Sachs analyst made cautionary statements on the stock in a morning call.
Goldman Sachs analyst Laura Conigliaro said the company was not likely to deliver the same upside surprises seen in the past, a Goldman spokesman confirmed to Reuters.
Brocade's stock lost more than 10 percent to an intraday low of $94, before recovering a bit to trade at $94-5/8, down $10-3/16. Brocade was among the Nasdaq's most active stocks.
Analysts and traders noted there was no other news in the market, and several block trades were executed shortly after the Goldman call.
Conigliaro made positive comments on Brocade, but said its stock price had reached high levels and noted a potentially slowing growth rate, the spokesman said.
Brocade makes equipment designed to improve data storage in computer systems and fiber channel switches.
The company is expected to report earnings on Feb. 21 for its quarter ending on Wednesday.