P.M. BRIEFING : Cray Research Stock Plunges
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MINNEAPOLIS — Cray Research Inc., the nation’s sole surviving supercomputer maker, held its annual meeting amid turmoil today as its shares plunged on Wall Street one day after it announced a dramatic restructuring.
Cray’s stock skidded $4.875 to $50.875 on the New York Stock Exchange in what some analysts called a reaction to diminished takeover prospects for the newly divided company.
Analysts were initially split over whether Cray’s plan was an earnest attempt to wring more profits from its high-tech products or simply a way to fend off a rumored takeover.
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