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LABOR PROBLEMS DROP TOPPS STOCK TO ROCK BOTTOM
Published December 15, 1994
Sportscard maker Topps Inc., "plagued" by labor problems in hockey and baseball, saw its stock plummet Wednesday after announcing it would stop dividend payments because of poor third- quarter earnings. Shares fell almost 24%, from $5.75 a share to $4.37 1/2 on the NASDAQ market. Topps' net income for the quarter ending November 26 fell 68%. Sales fell 8%, from $57.8M to $52.9M. The company blamed the decision to stop paying dividends on the NHL and MLB labor troubles (Michael Hiestand, USA TODAY, 12/15).