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Market Wrap
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Business New Haven
3/23/1998
By: Russell Stone
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Takeover rumors and realities shook two Connecticut stocks this week. An article in Business Week suggested that U.S. Surgical (NYSE: USS) might be a takeover target for a large pharmaceutical company, specifically Abbott Labs or American Home Products. Well before the story broke, the stock rose nearly eight points in just over two weeks to close at 34 3/4. An unnamed analyst told the magazine that U.S. Surgical might fetch 50 per share in a takeover.
Troubles with SPX's hostile takeover of Echlin (NYSE: ECH, see profile) have driven its stock price down from the highs it reached on news of the bid. After peaking at 52 3/4, Echlin stock dropped to close at 47 1/4.
Ansonia's Farrel Corp. (NASDAQ: FARL), a manufacturer of capital equipment for the rubber and plastics industries, jumped sharply to continue its year-long run-up in price. After trading a range around 5 for January and February, Farrel stock leapt over a point on March 13, trading at 6 1/2 and closing the week at that level.
Connecticut's insurance companies seem to have recovered from the worst of their woes of last summer and fall. Aetna (NYSE: AET) is well off its winter low of 66 5/8, closing at 84 5/16, while Cigna (NYSE: CI) has regained its September levels, closing at 196 1/16. Hartford Financial (NYSE: HIG) escaped their problems, and has climbed steadily all year to reach 102 7/8 after setting a 52-week high of 103 1/3.
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