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Mixed Bag for Connecticut Stocks
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Business New Haven
10/20/1997
By: BNH
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Fears about growing health-care costs hammered health insurance shares and, in particular, Cigna (NYSE: CI) and Aetna (NYSE: AET). Cigna announced on October 1 that its third-quarter earnings would come in below expectations. After peaking in late summer at just slightly more than 200, the stock has since fallen to close October 10 at 175.
Aetna likewise has continued to fall from its late summer peak of more than 118. After a mid-September recovery to around 105, the stock has succumbed to investor worries about health-care costs at Aetna's subsidiary, US Healthcare, to stabilize at 78 9/16.
Alexion Pharmaceuticals (NASDAQ: ALXN) backed off it yearly high of 16 in early October to 14 5/8 but remained radically up from 8 in May.
People's Bank (NASDAQ: PBCT) maintains its sterling record by climbing to end the week at 36 1/8, just off its yearly high reached the day before of 37 7/16. Webster Financial (NASDAQ: WBST) is also recently off a new yearly high, closing at 62 1/4.
Connecticut utilities have also shown recent strength. Long-suffering shareholders of Northeast Utilities (NYSE: NU), which peaked at 14 1/4 in January before nuclear woes drove down its share price, can take heart from a sharp recent jump to 10 13/16 after a summer spent in the doldrums between 9 1/2 and 10. United Illuminating (NYSE: UIL) continued to climb reaching a new high of 38. The stock was up from only 24 in early May. when the stock was knocked down by concerns over the company's owner participation in off-line nuclear power plants. SNET (NYSE: SNG) also advanced to 42 3/8, down from 43 9/16 earlier in the week, after dipping below 38 at the end of August.
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