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Market Wrap
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Business New Haven
6/1/1998
By: BNH
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The biggest recent news came from U.S. Surgical (NYSE: USS), which agreed to a stock swap with the Bermuda-based Tyco International (NYSE: TYC) valued at $3.6 billion. U.S. Surgical rose seven percent after the announcement.
Holders of Hyperion Software (NASDAQ: HYSW) let go of that stock as it announced a merger with Arbor Software (NASDAQ: ARSW) with the stock shedding 6 3/4 to 31 1/8 on the news. Arbor holders also dumped their stock, knocking it down 8 1/4 to 33 7/8.
In the biotech sector, Vion Pharmaceuticals (NASDAQ: VION) has rebounded sharply despite flat earnings. After trading as high as 6 1/8 last autumn, Vion's stock price dropped below 3 at the start of 1998. Since then, the stock has powered back to close at 5 1/4, even with an earnings report that showed a loss of 25 cents per share, only a slight improvement over the 27-cent loss posted in the same quarter last year.
By comparison, Curagen (NASDAQ: CRGN) went public recently at an offering price of 11 and rose briefly to 13 1/2, but since then has not fared as well. A report of first quarter losses of 40 cents per share versus a 10 cent loss in the previous year outweighed news of 61-percent growth in revenues. The stock has fallen sharply, hitting 6 5/8.
Among Connecticut's specialty manufacturers, MacDermid Inc. (NYSE: MRD) has powered ahead more than 25 percent in less than a month. Under 30 in early May, the stock closed at 41 1/16 after reports of 1997 earnings per share that grew 41 percent over 1996 to $1.20 per share fully diluted. Farrel (NASDAQ: FARL), on the other hand, has plummeted from 6 1/4 in early March to 3 9/16, despite 1997 income that grew to 23 cents per share from 5 cents, with a $10 million increase in revenues.
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