C-COR Comes Back Toward Earth2/29/2004 7:00 PM Eastern
C-COR.net shares — on a tremendous ride since the start of the year — have slipped back a bit.
Between Feb. 17, when the stock closed at $17.38, and Feb. 25, when the closing price was $15.40, the decline was about 11%.
Going back a bit further, the stock hit a 52-week high of $18.50 on Feb. 9, according to Knobias.com, which noted that a year before the stock sold for $3.85.
A recent catalyst, as noted in the Jan. 19 Stock Focus, came when the video transport gear provider revised its 2004 outlook upward.
On Feb. 5, C-COR, based in State College, Pa., said it had teamed with Tandberg Television on devices targeted to cable operators rolling out video-on-demand services. The product — the EdgeMax 5500 — is designed to minimize the cost of deploying and running content-on-demand services.
On Feb. 9, when the stock hit that 52-week high, C-COR said it was planning a public offering of 4.4 million shares, with an over-allotment option of another 660,000 shares. The proceeds would go for general purposes and, if opportunities arise, acquisitions.
At current prices, the offering would raise around $67 million..