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Tech Data shares lose their lusterBy Times staff writer© St. Petersburg Times published February 8, 2003 CLEARWATER -- Tech Data Corp.'s shares plunged nearly 20 percent Friday, a day after the company warned its earnings could fall as much as 15 to 25 percent in the current fiscal year. The Clearwater computer distributor's shares closed at $19.50, down $4.74, or 19.6 percent, on more than 10 times the average trading volume. The stock had not closed that low since Nov. 1, 1999. Tech Data, the world's second-largest distributor of computer-related products, cited tough market conditions in significantly lowering its earnings outlook for the fiscal year ending Jan. 31. The company also announced Thursday it plans to buy Azlan Group PLC, a British distributor of networking products, for $235-million. Friday's plunge in Tech Data's stock price capped a difficult week for the company, which laid off 82 of its 2,800 U.S. employees on Wednesday. Two-thirds of those let go worked at the company's Clearwater headquarters.
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From the Times Business report
From the AP
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