Newbridge Network's denial that it is about to be acquired by either Ericsson or Siemens caused its stock price to plummet in two North American cities on Friday.
The ATM supplier's shares had soared to C$43.25 on the Toronto Stock Exchange earlier in the day, following rumours that it was in discussions with Ericsson and had been in acqusitions talks with Siemens for almost a week, with an announcement due on Monday.
But denials later caused its stock to plummet C$1.55 to C$39.45, on trading of 1.5 million shares. In New York, the shares also fell $1.19 to $26.25, following trading in 2.6 million shares.
But some analysts believed the strong trading was the result of an expected improvement in its results. It is due to announce its first quarter results on 24 August and is expected to meet profit projections for the first time in several quarters.
During fiscal 1998, Newbridge issued two profit warnings, after blaming inefficient order fulfilment processes.
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