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Article: NORTH FACE NOSE-DIVES AS TRADING RESUMES CEO OFFERS APOLOGY, SAYS FIRM'S SLUMP IS ONLY SHORT-TERM.(Business)
- Article from:
- Rocky Mountain News (Denver, CO)
- Article date:
- May 11, 1999
- Author:
CopyrightCOPYRIGHT 1999 Rocky Mountain News. All rights reserved. Reproduced with the permission of Dialog LLC by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Accola News Staff Writer
STOCK WATCH
North Face Inc., (TNFIE: Nasdaq) $9.44, up down $2.31.
A three-week halt on North Face Inc. stock was lifted Monday, prompting a sell-off that caused shares to plunge more than 19 percent and left the company with a market value at nearly half of a buyout group's offer two months ago.
Carbondale-based North Face shares closed at $9.43 after trading as low as $6.75, a 52-week low.
The stock freefall - a continuation of last month's trading trend - showed how much Wall Street hates being fooled even though it's been weeks since the company acknowledged misleading analysts and ...