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BNH Stock review
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Business New Haven
10/6/1997
By: BNH
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September proved a mixed bag for Connecticut stocks. While most companies have shown few strong trends, accompanied by increasing volatility, some issues have made more decisive moves.
The biggest event was Aetna's fall. Aetna, which had regained some of the ground it lost after a sharp drop in early August, gave back its gains with a sharp drops in September. Two block trades alone (on the 23rd) sold off a staggering total of 4.63 million shares of Aetna stock. Some analysts and institutional investors expressed concerns about Aetna's third-quarter profits in advance of an earnings report scheduled for November 5.
Webster Financial, parent of Webster Bank, retrenched some of its steady price gains to close at 56 after having come close to, but never reaching, the 60 mark.
The trend of the last several weeks has suggested that smaller companies, having underperformed the market's giants such as General Electric for the past several years, are finally closing the gap. Several smaller Connecticut firms have demonstrated impressive price gains over the last month.
MacDermid maintained its extraordinary rise over the last six months, closing at 93 3/8, more than four times its price one year ago. On July 18, Standard & Poors announced that MacDermid, a manufacturer of specialty chemicals and electronics and printing equipment, would be joining its index of 600 small-cap stocks.
Some of Greater New Haven's high-tech and medical stocks showed strength. Good earnings news assisted Novametrix to jump to 9 15/16, up nearly a point and a half in two weeks. Vion Pharmaceuticals also managed a price gain of more than ten percent in two weeks to close at 5 1/8
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