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January - Steady
and Holding
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Business New Haven
1/26/1998
By: BNH
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January has been relatively quiet for Connecticut's finance stocks and even volatile biotech issues, but some communications and Internet firms have made decisive moves.
Executone (NYSE: XTON) showed renewed strength on news
of an impending reorganization and the retirement of its chairman and CEO. After trading in a narrow range around a share value of 2 from mid-November through the beginning of January, the stock jumped 25 percent to close at 2 1/2.
Amphenol (NYSE: APH), another communications technology firm, has reached a new price level in conjunction with positive earnings news (see BUSINESS WIRE). Amphenol held stable around 25 for most of early 1997, before moving to a new plateau at 40 for the summer and still a third plateau at 50 for the fall. Since late December, the stock price seems to have edged up again to a new level around 55.
Since news broke of SBC's buyout of SNET (NYSE: SNG), SNET's stock price has held onto and improved its immediate price gains. The buyout initially pushed SNET up 10 points from 50 to 60, and in the weeks since then the stock has climbed two further points to close at 62.
Despite the news that Northeast Utilities (NYSE: NU) has postponed the restart of one of its three troubled Millstone nuclear reactors, its share price regained some lost ground. After approaching 14 in early November before dropping to 11 1/2 in December, the stock has subsequently rebounded to close at 12 1/2.
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