SyQuest Technology Posts 1st-Quarter Loss

SyQuest Technology Inc. shares fell 23% after the maker of computer hard drives reported a fiscal first-quarter loss, which the company attributed to pricing pressures and production delays. SyQuest shares fell 75 cents to close at $2.56 in Nasdaq trading. The Fremont-based maker of removable hard drives reported a loss of $39 million, or 57 cents a diluted share, for the three months ended Dec. 31, compared with a loss of $12.7 million, or 86 cents, in the year-earlier quarter. The number of shares outstanding more than quadrupled to 68.9 million from 14.7 million. First-quarter results reflected production start-up costs and increased advertising for a new product, the company said.