For the second time in less than three weeks, Eeco, a Santa Ana technology company, has watched its stock price plummet for what company officials say is no apparent reason.
On Thursday, Eeco's stock fell $1.125 to close at $6.25 on the American Stock Exchange. Eeco's stock was trading near $17 before the Oct. 19 market crash and has continued to decline since then. The company's shares were unchanged in trading Friday. Three weeks ago, on Nov. 17, the company's stock dropped $1.75 in one day, to $8.25 from $10.
Friday, the firm issued a statement that it was not aware of any "fundamental business reason for the continued decline in the market price of the company's stock" since Oct. 19, when the stock market crashed.
"The market price decline is totally at variance with Eeco's business outlook for the remainder of 1987," said Robert C. Milo, company president. "The company is researching methods which may help maximize stock value. The stock price continues to be disappointing and confusing."
Eeco is a maker of electronics products, airline entertainment systems, hotel computers and videotape equipment.