PairGain Sales Soar
PairGain Technologies Inc. is one of the fastest-growing technology companies around. Trouble is, Wall Street seems to think it should be growing even faster.
Last week, the Tustin-based company reported record sales and a 92% jump in earnings. Its stock quickly sank to close at $66.25 on Friday, down 21% from a record high of $83.75 per share earlier in the week.
For the record:
12:00 a.m. Oct. 16, 1996 For the Record
Los Angeles Times Wednesday October 16, 1996 Orange County Edition Business Part D Page 2 Financial Desk 1 inches; 24 words Type of Material: Correction
PairGain stock--A story Monday listed an incorrect percentage for the year-to-date gain in the price of PairGain Technologies Inc.’s stock. The price increased by 164%.
Analysts said the company’s financial results were strong, but that they expected the numbers to be even stronger. Several analysts also downgraded their ratings of PairGain’s stock in recent weeks, saying it had become overpriced.
In any case, PairGain’s stock is still up nearly 64% since the beginning of the year.
