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The Big Bang Starts Off The New Year
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Business New Haven
1/12/1998
By: BNH
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The new year opened with a bang when SBC Communications (NYSE:SBC) (the former Southwestern Bell) and SNET (NYSE:SNG) announced their merger in a deal worth $4.4 billion. Under terms of the pact, SNET shareholders will receive 0.8784 shares of SBC for each share of SNET they hold, a purchase price of $65.83 at the time of the announcement. SNET jumped 9 15/16 to 59 9/16 in the immediate aftermath.
Bridgeport Machines (NASDAQ: BPTM) jumped briefly above 13 before settling just over 12 on news that its final quarter profits would come in ahead of analysts' expectations. Hubbell, another manufacturer, set a new 52-week high before retreating slightly to 47 1/4.
Biomedical companies Novametrix (NASDAQ: NMTX) and U.S. Surgical (NYSE: USS) both rallied from short-term lows. Novametrix bounced off a low of 6 1/4 after Christmas to climb back to 7 3/4. U.S. Surgical, after coasting at 25 for two weeks, jumped back to close at 28 11/16.
Zygo Corp. (NASDAQ: ZIGO) reversed its nearly year-long skid. After bottoming out at 13 3/4 in late December, the stock jumped almost 50 percent (albeit from a low start) to close at 19. Webster Financial (NASDAQ: WBST) also enjoyed the holiday season, dipping below 62 before Christmas only to rebound to close at 66 15/16, just off its 52-week high.
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