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CRAY SHARES FALL AFTER 1989 EARNINGS ESTIMATE

Cray Research Inc shares fell out of bed after a delayed opening on the New York Stock Exchange yesterday following a lowering of her 1988 and 1989 earnings estimates for the company by Shearson Lehman Hutton Inc’s Patricia Laupheimer, who suggested that the new Y-MP was getting a less than ecstatic welcome in the market: when they did finally open, Cray’s shares tumbled $4.50 to 77.375 in early trading.

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