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By Candice Zachariahs Bloomberg News Service
Published on Tuesday, Aug 14, 2007
Shares of Diebold Inc., a maker of automated-teller and voting machines, fell the most in almost two years after an analyst cut his full-year earnings projection.
Shares of the Green-based company dropped $2.21, or 4.4 percent, to $47.60. That was the biggest decrease since Sept. 21, 2005.
''Certain states such as New York appear increasingly unlikely to purchase new voting equipment'' in 2007 and possibly 2008, wrote Matt Summerville, an analyst with KeyBanc Capital Markets in Cleveland, in an investors note Monday.
Diebold's 2007 revenue forecast probably included expected sales from New York's overhaul of its election system, Summerville said. The election-systems unit faces other challenges, including legislation that's been introduced in Congress that could hurt the adoption or continued use of touch-screen voting machines.
A sale of the division, which he says was the company's most profitable last year, ''appears unlikely,'' Summerville wrote. He reduced his full-year earnings estimate to $2.02 a share from $2.22. Summerville now rates the company ''hold,'' down from ''buy.''
Diebold's touch-screen machines have drawn criticism from researchers and led to speculation that the unit would be sold or spun off. Diebold in April said it is still evaluating its ''long-term strategic position'' in the voting machine operations.
Diebold shares have risen 17 percent in the past year.
Shares of Diebold Inc., a maker of automated-teller and voting machines, fell the most in almost two years after an analyst cut his full-year earnings projection.
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