Analysts skeptical on StorageTek

LOUISVILLE – The pressure is on.

Earlier this year, Storage Technology Corp. Chief Executive David Weiss predicted in a letter to shareholders that the data storage company’s “story promises to be an exciting one during 1999.”

Instead, shareholders are frustrated, and financial analysts are skeptical.

StorageTek (NYSE: STK) has not experienced the “substantial growth” Weiss believed it would; the company missed Wall Street’s expectations during the third quarter with earnings of 5 cents per share, well below predictions of 30 cents to 33 cents per share. The company also shook financial analysts and shareholders during the first quarter when it failed to meet…