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In Review
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Business New Haven
9/22/1997
By: BNH
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Continuing market volatility is reflected in scarcely discernible patterns to the movements of Connecticut stocks. Instead, while most stocks have remained in a holding pattern, some have shown a more dramatic response to good news and bad.
Aetna continued its recovery from its sharp drop in early August. After bottoming out at around 93, the stock price has steadily gained back lost ground to reach 102 with the help of brokerage upgrades.
Stamford's General Signal dropped sharply on news of disappointing earnings. Upon word of earnings disappointments released September 8, its stock price fell 5 7/8 to close at 38 7/8 before rallying slightly to close on September 12 at 40 5/8. In July, the stock had climbed to new highs based on projections of improved results for the second half of 1997. The earnings surprise also triggered further downward pressure on the stock price due to a downgrade from Lehman Brothers from “buy” to “outperform.”
After topping out at 6 5/8 in mid-August, Raytech fell to 5 1/2 despite somewhat positive earnings news. Net income for the quarter ending June 29 grew to $1.46 per share from $1.31 per share the previous year, but continuing concerns about asbestos liability put a cap on the share price.
People's Bank continued its steady climb, reaching a share price of 31 1/4, more than double its price a year ago. Despite the appreciation in the stock price, it continues to trade at a near-market-average P/E ratio of 23 with a yield of just over two percent. Another regional bank, Webster Financial, performed well, closing at 57 3/4 compared to 32 a year ago. All information as of close of trading September 12, 1997.
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