The Numbers Aren't Crunching Cray Research

Analyst Barry F. Bosak has a hand on his forehead and a bilious ex pression on his face. His tablemates stare with consternation at the gluey-cheese "quicheburger" lunch served up following Cray Research Inc.'s May 14 annual meeting in Minneapolis. But the stock market, not food, is what has Bosak upset. Even as he dines, Cray Research shares are trading down, down, down, to end the day 15% lower, at 32 3/4, on bad earnings news (chart). "I had a 'buy' on the stock," moans Bosak of Smith Barney, Harris Upham & Co., his eyes searching for some sympathy.

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