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Three whacked on Nasdaq
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April 1, 1998: 1:07 p.m. ET
High tech sector's good fortune doesn't spill over three niche players
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NEW YORK (CNNfn) - Stocks in three niche players in the high-technology sector were walloped Wednesday amid an outcropping of downbeat forecasts.
-- SpaceLabs Medical Inc. said its first quarter results will not meet expectations as the maker of vital signs monitoring equipment lays out its expansion plans and launches new products.
Shares of the Redmond, Wash.-based company (SLMD) lost 2 ¼ to 19 7/8 - or 10 percent - in late morning trading Wednesday.
-- Axiom Inc., which provides billing data collection and traffic management systems to telecommunications companies, said second-quarter revenues will slump, resulting in a loss of 42 to 45 cents a share.
Shares of the Moorestown, NJ-based Axiom (AXIM) were off 1 ½ at 4 ¾ - or 24 percent.
-- Presstek Inc., a Hudson, NH-based digital imaging and printing company, forecast lower-than-expected earnings and only slightly higher revenues in 1998 as sales projections at a key customer haven't held up.
Shares of Presstek (PRST) plunged 5 1/8 to 18 - or more than 22 percent.
The bad news for the three companies comes at a time when the tech-heavy Nasdaq Composite Index is shining. It was the top-performing major U.S. market index in the first quarter, rose a stellar 16.9 percent in the span. At mid-day Wednesday the Nasdaq appeared to continue the trend, marching toward another boom.
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