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Ascend Shares Plunge on Earnings Worries

September 12, 1997|Bloomberg News

Ascend Communications Inc. share prices declined on concern that the Alameda-based computer-networking company won't meet third-quarter profit estimates because of slowing sales. The stock closed off $2.19 at $37.81 in Nasdaq trading. The stock, six months ago one of the technology sector's hottest, is down nearly a third since Aug. 1. Ascend is having trouble selling its Max remote-access concentrators used by Internet service providers and is facing increased competition from networking leader Cisco Systems Inc. Remote-access products are used to link phone callers into the computer network. Another key Ascend product, the GRF switch, may also encounter disappointing sales, analysts said. Ascend officials were not immediately available to comment.

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