P.M. BRIEFING : Tandem Profits Slip, Stock Dives
<i> From Times wire services</i>
CUPERTINO, Calif. —
Tandem Computers Inc.’s stock price fell sharply today after the company disappointed investors with news that its earnings for the fiscal second quarter ended March 31 will be lower than expected.
In early trading, Tandem shares were down 12%, or $3.25, to $24. It was the most active issue on the New York Stock Exchange.
Industry analysts previously predicted 1990 would be a big year for the Cupertino-based computer maker, whose product rollouts will be massive this year.
However, the impressive lineup is making its debut amid an industry slowdown. Many major U.S. computer makers’ earnings have been dented by weaker sales and heated competition.
