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Market Shake-Up Continues For Connecticut Companies
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Business New Haven
11/17/1997
By: BNH
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The market shake-up from Asian currency turmoil continues to hurt the performance of Connecticut stocks. volatile biotech issue have not shared in the blue chips' relative recovery from Grey Monday's mini-crash. ALEXION PHARMACEUTICALS (Nasdaq: ALXN), after peaking at 16 in early October, has slid to 12 9/16. NRGN (Nasdaq: NRGN), likewise peaking in early OCtober at 28 3/4, has dropped back to 21 3/4, a drop of almost a quarter of its value. NOVAMETRIX (Nasdaq: NMTX), topping out at 11 1/16, fell even more to 7 1/4.
Another victim of October's instability and earnings concerns was TRANSPRO (NY: TPR). This New Haven manufacturer of auto parts reported that its earnings might come in substantially below expectations, triggering a sharp drop from 11 1/2 on October 22 to bottom at 7 15/16 on November 4. The stock has subsequently stabilized at 8 1/4.
The picture is brighter with more stable blue chips and utilities. GENERAL ELECTRIC (NY: GE) got over its Asian flu relatively quickly, settling in the upper 60s and closing the week at 67 3/4. NORTHEAST UTILITIES (NY: NE) has shown surprising strength in its recovery from nuclear woes, closing at 11 15/16, its highest level since March and well off its spring low of 7 5/8. UNITED ILLUMINATING (NY: UIL) also escaped relatively unscathed, closing at 37 1/2, up nearly 58% from April.
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