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Market Wrap
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Business New Haven
11/3/1997
By: BNH
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Currency turmoil in emerging Southeast Asian markets finally caught up with American shareholders when Hong Kong's stockmarket crashed, pulling U.S. stock prices with it. Though blue chips felt the pinch from nervous investors, more volatile smaller shares took an even more severe beating.
Transpro (NYSE: TPR) was hit hard twice. It suffered from the general damage Hong Kong did to all smaller issues, but also from poor earnings projections for the fourth quarter. This double whammy drove it in the course of two days from 11 1/2 to under 9.
Other smaller Connecticut stocks also lost ground. Over the course of a month, MacDermid (NASDAQ: MACD) has fallen from a September high of 102 to 79, a decline of more than 20 percent. Even the news that the second quarter of the fiscal year showed a jump of 46 percent in per-share earnings didn't help.
Executone (NASDAQ: XTON) had been stuck around 2 for several months before breaking out to 2 3/4 in mid-October. The performance of small stocks overall dropped it back down to 2 3/8.
Novametrix Medical Systems (NASDAQ: NMTX) showed a similar pattern, peaking in late September at 11 1/16 before dipping briefly below 9 to finally recover and close at 9. Another biotechnology firm, Neurogen (NASDAQ: NRGN) reached a high of 28 3/4 in early October before sliding to 22 1/2.
In fact, one of the few bright spots in the last week has been Farrel Corp. (NASDAQ: FARL) which after bottoming out under 3 in mid-August has moved up steadily to close at 4 5/8, shrugging off the Hong Kong crisis, for a better than 50-percent climb just over two months.
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