Knickerbocker Can’t Explain Stock Drop
Collectibles and jewelry marketer L.L. Knickerbocker Co. said Wednesday it sees no reason for the drop in its stock price over the last two weeks.
The company’s stock closed unchanged at $4 a share Wednesday, but traded as low as $3.28 during the day. Nasdaq volume was nearly four times the average daily volume of 107,600 shares.
On Tuesday, the stock fell 25 cents, or 5.9%, and has slowly declined since closing at $5.69 on March 23.
Knickerbocker said Wednesday that it is “on track for continued profitability in 1998,” pointing out that last year’s operating losses were directly related to its acquisitions. It said its “core foundation is the strongest it has been at any time in our history.”
Knickerbocker said it continues to focus on accelerating earnings per share by, among other strategies, spinning off or restructuring money-losing operations, consolidating warehousing and distribution facilities and reducing manufacturing payroll.