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Market Wrap
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Business New Haven
4/6/1998
By: Russell Stone
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In a generally down week, Echlin Inc. (NYSE: ECH) jumped
on news that the Connecticut legislature would not block a special shareholder meeting required when SPX collected support from the holders of more than 35 percent of shares outstanding (see Business Wire). The stock had dropped below 50 on fears that SPX's takeover bid would fail, but the stock closed at 51 5/8 after the legislature rejected a bill to amend Connecticut corporate law.
Some high-tech Connecticut firms benefited from a general recovery of investor confidence in the technology sector. General DataComm (NYSE: GDC) also rallied nicely from a nearly year-long skid. Dropping below 4 in January and February, General DataComm climbed back to close at 6 1/4.
Another Connecticut “general,” General Signal (NYSE: GSX), also enjoyed the early arrival of spring. Stalled at around 40 since the New Year, the stock climbed sharply in March to close at 46 5/8.
Dime Financial (NASDAQ: DIBK) also bounced sharply with the arrival of warmer weather, leaping in the course of two days from its six-month trading range of 30 to close at 37 on unusually heavy volume. No explanation for the move was forthcoming.
Insurance giants Cigna (NYSE: CI) and Hartford Financial
continued to power ahead, with both at or just off 52-week highs. Hartford Financial closed at 108 1/2 and Cigna at 205 7/16.
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