P.M. BRIEFING : Cray Research Stock Plunges
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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