JDA Software Group Inc. (Nasdaq: JDAS) issued a press release Tuesday to say that it knows of no reason for the recent decline in its stock price, and that third quarter estimates are within reach.
Shares in the operations management software firm have fallen from a 52-week high of 25 over the past month. The stock was up 1 1/16 to 13 in morning trading.
The statement came out just in time to reassure investors who might be troubled by Monday night's announcement that the company's co-chairman and co-founder Frederick Pakis was resigning to pursue "outside interests."
"The company's business fundamentals are strong, we're performing according to plan, and we believe the Street's current earnings estimates for our third quarter ending Sept. 30, 2000 are attainable," CEO Jim Armstrong said in the release. The one analyst covering the company has its earnings pegged at 5 cents a share for the quarter; less than the 15 cents a share earned in the second quarter, but better than the penny a share brought in for last year's third quarter.
"We remain confident about our product offerings and the markets we serve and have no material, negative developments to announce. We do not understand the recent erosion in our stock price," Armstrong added.