JNI Continues Sliding
Thomas Lepri
11/27/00 - 03:15 PM EST
Shares of storage-networking firm
JNI (JNIC) extended their recent slide on Monday, plunging 13% in afternoon trading.
The Beatings
JNI's ugly November |
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JNI has been under pressure ever since Nov. 10, when the stock fell 35% on two negative stories: a report from
Dow Jones Newswires that
Sun Microsystems (SUNW) was planning to phase out JNI's SBus interface in its servers, and a story on
TheStreet.com questioning JNI's ability to succeed in a commodity industry with increasing competition.
The company's subsequent vehement denial of the substance of those reports, echoed by some of the brokerages covering the stock, has done nothing to stem the tide of selling. JNI has lost more than 50% since Nov. 10.
