In afternoon trade, the stock recovered from large morning losses, as it rose above the $6 mark, still a 5% drop in value
The 52-week low is $3.95, while the highest level reached in the past year was $64.65. The most recent selloff was triggered by news Corel would walk away from a deal to acquire Inprise Corp. with neither side paying a breakup fee. Corel earlier cautioned that if it didn't finish the deal, it would be in a serious cash crunch.
A slew of bad press alleging, among other things, that the company doesn't have money to meet its next payroll took its took Thursday as the shares were down 20%. Friday's performance in the early going has seen a percentage drop of 12%.
Also hurting the stock was news that Nesbitt Burns had maintained 'underperform' and its 12-month outlook was cut to $6 from $12.
