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Article: CHEESECAKE FACTORY STOCK TAKES TUMBLE.(BUSINESS)
- Article from:
- Daily News (Los Angeles, CA)
- Article date:
- August 5, 1998
CopyrightCOPYRIGHT 1998 Daily News. 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: Dave McNary Daily News Staff Writer
Shares of The Cheesecake Factory lost 11 percent of their value Tuesday to hit their lowest point in nearly a year amid a massive Wall Street sell-off that punished many issues.
Cheesecake Factory fell $2.0625 to $16.9375 a share for its worst close since Aug. 13, 1997. The stock has dropped 36 percent since hitting an all-time high of $26.50 on April 13.
Tuesday's decline came as the the Dow Jones industrial average plunged nearly 300 points in its third-biggest point drop due to signs of a weakening economy and doubts about the outlook for corporate profits.
Jane Vallaire, a spokeswoman for ...