Platinum Software Stock Rebounds 25%
<i> Dow Jones</i>
Platinum Software Corp.’s stock rebounded strongly Monday from a 37.6% drop Friday.
Shares of the Irvine-based financial-management software company climbed 25.8%, or $2.06, to $10.06, after Chief Executive George Klaus said rumors about his departure are baseless. The company also said it had no explanation for the Friday slump.
The percentage gain was the 22nd largest Monday in U.S. markets. Volume totaled nearly 6.8 million shares, making Platinum Software the 16th most active stock in the markets.
Analysts had linked Friday’s slump to rumors that Klaus might resign and that the company’s earnings might fail to reach analysts’ projections. On Friday, the stock tumbled $4.81, to $8 a share.
