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Market Wrap
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Business New Haven
3/9/1998
By: Russell Stone
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An early spring has rejuvenated Connecticut stocks. A series of issues have hit new highs, and for a change the best performers have not been Connecticut's dynamic small banks.
Amphenol (NYSE: APH), a Wallingford manufacturer of electronic and fiber-optic connectors and cables, has continued its march toward new highs. The stock has nearly tripled since its 52-week low a year ago of 23, closing at 62 11/16.
Echlin Inc. (NYSE: ECH) has also hit unprecedented highs thanks to the specter of a hostile takeover and a bidding war for shares of the auto-parts maker. On the announcement by SPX of an offer to buy Echlin, the stock climbed to 52 3/4 before retreating slightly to close at 50 9/16.
Fairfield giant General Electric (NYSE: GE) has decisively moved past the highs it set in late summer before stagnating for much of the fall. Its shares have traded as high as 78 15/16, closing at 77 3/4.
MacDermid Inc. (NYSE: MRD) got a nice bonus from its shift to the New York Stock Exchange from NASDAQ (see accompanying story). The stock jumped sharply to close at 34 7/8.
Even Shelton's Swiss Army Brands (NASDAQ: SABI), whose stock price has been in a downward slide for a year, turned in a jump in price. In mid-February, the company reported more moderate losses on declining sales for 1997, but the stock price later jumped from its range just over 10 to more than 12 before closing at 11 1/2.
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