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PC Connection stock tanks
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September 29, 1998: 11:04 a.m. ET
Shares plummet nearly 50 percent amid poor 3Q earnings outlook
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NEW YORK (CNNfn) - Shares of PC Connection Inc. plummeted nearly 50 percent Tuesday after the company warned its third-quarter earnings will fall far below Wall Street expectations.
The company's stock (PCCC) fell 10-1/16 to 10-9/16 on the Nasdaq in early trade.
Milford, N.H.-based PC Connection, which sells computers and related accessories, said its third-quarter earnings per share will come in between 18 cents and 22 cents.
Analysts' had forecast earnings of 24 cents per share.
The company anticipates third-quarter sales of $165 million to $170 million, against $139.1 million a year ago.
The company blamed the conversion of its sales order management and fulfillment software to a new enterprise software system for a " loss of sales momentum" during the first half of the quarter.
It also cited changes in Intel Corp.'s processor manufacturing schedules, which lowered supplies and suppressed sales. Availability of these products is expected to improve during the fourth quarter.
PC Connection expects its annual revenue growth for fiscal 1998 to exceed 30 percent. 
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PC Connection
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