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REEBOK SEARCHES FOR THE ANSWER AS STOCK PRICE TUMBLES
Published December 4, 1997
Reebok stock dropped for the second day in a row on Wednesday, as analysts cited "disappointing sales figures" for the company's new basketball sneaker, Allen Iverson's The Answer, according to DOW JONES NEWS SERVICE. Reebok shares fell $1.93 3/4, or 5%, to close at $35.68 3/4, adding to a 6% drop on Tuesday. Reebok Dir of Investor Relations Joanne Parker acknowledged that sales of the Iverson sneaker "were disappointing." Goldman Sachs & Co. analyst Margaret Mager, on Iverson's The Answer: "The product's sales simply haven't met expectations" (DOW JONES NEWS SERVICE, 12/4).