Shares in Cray Research Inc have suffered a blood-bath since the company announced cancellation of designer Steve Chen’s MP parallel processor project for the 1990s, and they took another tumble Monday, off $4 even to $89.125. They are all the way down from $113 at the beginning of the month, before the September 2 announcement. […]
Shares in Cray Research Inc have suffered a blood-bath since the company announced cancellation of designer Steve Chen’s MP parallel processor project for the 1990s, and they took another tumble Monday, off $4 even to $89.125. They are all the way down from $113 at the beginning of the month, before the September 2 announcement. The new fall is down to a suggestion that the company would get only two or three orders this quarter, and would fail to make its target of 50 machines for the year. Cray refu-ted the suggestion and said that the company was on target and would make 50 machines for the year. The sharp tumble is not yet widely seen as a buying opportunity, but William Easterbrook at Kidder Pea-body upgraded his rating from sell to neutral.
