Shares of Environmental Elements Corp. stock yesterday continued a roller-coaster ride that started when a Wall Street analyst decided Wednesday to slash his estimates of the Baltimore pollution-control company's likely fiscal 1992 earnings.
The stock closed yesterday at $14.50 a share, up 75 cents, after trading as high as $15.75 a share. On Wednesday, the stock fell 4 points in the last half-hour of trading after Richard J. Sweetnam Jr., a Kidder, Peabody & Co. analyst, said that he believed the company would earn only 35 cents a share for the fiscal year that ends March 31, 1992. Earlier, he had said Environmental Elements would earn 52 cents a share from continuing operations. Mr. Sweetnam could not be reached yesterday for comment.
The company earned $1.01 a share in fiscal 1991.
"We were up a quarter at 3:30 [p.m. Wednesday], and at 4 p.m. we were down three and three-quarters," said John S. Lalley Jr., director of communications for Environmental Elements, which makes air pollution-control devices. He said the company didn't know of Mr. Sweetnam's decision until the stock dropped.