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Market Wrap
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Business New Haven
2/23/1998
By: Russell Stone
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Echlin Inc.'s (NYSE: ECH) restructuring plans are bearing fruit and earning the company recognition from the market. After dipping below 30 in November, the stock has since climbed steadily to a 52-week high of 39 5/8 before falling back slightly to 38 7/8.
Fairfield's giant General Electric (NYSE: GE) has also been pushing forward. Under 70 in November, it has managed a ten-percent gain over three months to close at 77 13/16, only a slight drop from its 52-week high of 78 15/16.
Bridgeport Machines (NASDAQ: BPTM) fell more than ten percent in a delayed reaction to a lackluster earnings report. Though the company had announced in early February a drop in earnings and flat sales, the release of the offical SEC report triggered a two-day fall from 12 1/4 to 10 3/4.
Aetna (NYSE: AET) seems finally to have pulled out of the slump that had been dragging its stock down since last summer. After a final sharp fall in mid-December to below 70, the stock has been barreling ahead to close at 84 1/4.
Biotech firm Neurogen (NASDAQ: NRGN) has also rallied from a recent slump. Down sharply in December from over 20 to under 14, the stock has climbed back in the last month to 16 1/2.
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