Big Movers in the Stock Market
Big Movers in the Stock Market
Apr. 08, 1996
NEW YORK (AP) _ Some of the stocks that moved substantially or traded heavily Monday on the New York Stock Exchange, Nasdaq Stock Market, and American Stock Exchange.
Alcoa Aluminum rose 1 1/4 to 63 1/4.
First-quarter net income fell to $1.01 a share from $1.08 a year ago. The current quarter results included an operating loss of $10.6 million tied to its Alcoa Electronic Packaging unit, which ceased production in early March and is up for sale. But first-quarter revenues rose. And the company said the latest quarter reflects a ``significant improvement'' in cost performance, and that prices are up for alumina and other fabricated products.
Lucent Technology rose 1/4 to 30 7/8.
The spin-off of AT&T, priced an initial public offering late last Wednesday at $27 per share, and the stock rose to 30 5/8 in its first day of trading Thursday.
AirTouch Communications///ATI/// fell 1/4 to 29 3/8.
AirTouch agreed to purchased the 60 percent of Cellular Communications that it does not already own, for about $55 a share, or $1.65 billion. Cellular Communications' shares were up 1 5-16 point at 52 1/2 in Nasdaq trading.
Airtouch, based in San Francisco, is one of the nation's largest wireless companies. Cellular Communications is a leading provider of cellular service in Michigan and Ohio. The two companies have been jointly operating cellular service in Michigan and Ohio under the name Cellular One.
Abbott Labs///ABT/// rose 1 1/8 to 43 1/8.
First-quarter profits rose 15 percent, helped by strong gains in sales of its drugs and nutritional products. Net income for the three months ended March 31 rose to $480.1 million, or 61 cents a share, from $417.3 million, or 52 cents a share, during the comparable period a year ago.
Informix Corp. fell 7 1/8 to 18 3/8.
The company said first-quarter earnings would be between 7 cents and 10 cents a share, down from 28 cents a share a year ago, prior to a two-for-one stock split paid June 23, 1995.
Gateway 2000 rose 3 3/4 to 33 3/4.
Lehman Brothers said the computer maker's first-quarter earnings could be 9 cents to 18 cents higher than an estimate of 63 cents a share, saying its margins will be better than expected. Gateway earned 49 cents a share a year ago. Lehman kept its rating at strong buy.
ValliCorp Holdings Inc.///VALY/// fell 1/8 to 15 7/8.
Sunrise Bancorp ///SRBC/// rose 3/4 to 3 3/4.
ValliCorp agreed to buy Sunrise in a deal that would give Sunrise shareholders ValliCorp common shares and cash totaling $20.6 million, or about 1.25 times the book value of Sunrise at Dec. 31. December.
Vista 2000///VIST/// fell 2 13-16 to 3 15-16.
Richard P. Smyth agreed to take a temporary leave of absence as chairman and chief executive, until a board committee can complete an audit of the company. As previously reported, the committee is reviewing proposed earnings adjustments for 1995 to account for acquisitions. The company had said it expects to report a 1995 loss of about $5 million after adjustments and charges. Last week, CNBC correspondent Dan Dorfman said an analyst believes stock of the Marietta, Ga. company, which makes home-security and houseware products, could go to zero in the next six months. The company said Dorfman's comments contained ``overstatement and conjecture.''
Iomega Corp.///IOMG/// rose 2 13-16 to 35 7-16.
Some market players attributed the run-up in this stock to short-covering. The company had no news.
The stock had been heavily shorted in late February and early March, but the share price had shot higher, forcing short sellers to reverse their positions by buying. Iomega stock rose April 3 after the company said Dell Computer would include Iomega's removable computer storage products on its Government Services Administrations schedule.
Trans World Airlines Inc.///TWA/// fell 1/2 to 21 1/2.
The St. Louis-based air carrier said its March load factor rose to 70.4 percent from 65.8 percent a year earlier.
Pegasus Gold///PGU/// rose 3/4 to 14 5/8.
Echo Bay///ECO/// rose 5/8 to 14.
Royal Oak Mines///RYO/// rose 1/8 to 4 3-16.
Gold stocks remained stable, even as the stock market took big losses, as the price of gold rose. Spot gold was up 80 cents an ounce at $395.10 an ounce in New York.