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Copper Mountain tumbles despite decent 2Q numbers

Copper Mountain shares plunged 25 5/16, or 20 percent, to 98 3/8 Tuesday, one day after it slipped past analysts' estimates in its second quarter.

In the quarter, it earned $14.2 million, or 24 cents a share, on sales of $80.2 million.

First Call Corp. consensus expected it to earn 23 cents a share in the quarter.

In the year-ago quarter, Copper Mountain earned $2.3 million, or 5 cents a share, on sales of $22.9 million.

"In our second fiscal quarter of 2000, Copper Mountain had record revenues of $80.2 million, record pro forma earnings per share of 24 cents and positive cash flow for the fourth successive quarter," said CEO Rick Gilbert in a prepared release. "Our financial execution was matched by product development progress as we released both a G.lite line card and an SDSL integrated access device during the quarter."

Including a variety of charges, Copper Mountain earned $10.3 million, or 18 cents a share, in the quarter.

Last quarter, Copper Mountain rolled past analysts' estimates, earning $11.3 million, or 20 cents a share, on sales of $60.8 million.

Its shares fell to a 52-week low of 35 1/4 in October.

Nine of the 10 analysts following the stock rate it either a "buy" or "strong buy."

First Call Corp. consensus expects it to earn 92 cents a share in the fiscal year.