Big Movers in the Stock Market
NEW YORK (AP) _ Some of the stocks that moved the most today or were active on the New York Stock Exchange, Nasdaq Stock Market and the American Stock Exchange. NYSE
Gerber Products, up 15 1/2 to 50 1/8
Sandoz Ltd, the Swiss pharmaceuticals and chemicals conglomerate, will buy the U.S. baby foods leader for $53 a share or about $3.7 billion in cash. In addition, Gerber announced fourth-quarter earnings of 37 cents a share vs 59 cents in the same three months last year. Dean Witter cut a rating on the stock, citing the merger accord.
Compaq, up 2 1/4 to 113 5/8
The stock was among those mentioned by Wall Street portfolio managers in a Barron’s article. Richard Goers of Kemper Technology said Compaq has done an excellent job a lowering costs and is gaining market share and within a year the company could be the no. 1 Personal computer company, overtaking IBM. Another company he cited was Microsoft, which rose 1 11/16 to 50 9/16 in Nasdaq trading.
United Airlines, up 1 3/8 to 120 3/4
The parent of United Airlines and unions representing its pilots and machinists have agreed to modify their $4.9 billion proposal to form the nation’s largest employee-owned company.
Bell Atlantic, down 7/8 to 52 7/8
Southwestern Bell apparently is planning a phone service for cable customers in Bell Atlantic’s territory. NASDAQ
Amgen, down 1 1/8 to 45 1/8
Cowen & Co lowered a rating on stock.
New World Communications, up 1 11/16 to 10 5/8
News Corp.’s Fox is making a $500 million investment in New World. In addition, New World bought an option to acquire debt and equity securities of Argyle Television holding for $100 million.
SEI Corp., down 1 to 18 1/2
An article in Barrons suggested the company was passing through a troubled period.
Wheatley TXT, up 2 1/2 to 14 1/4
Dresser Industries said it will exchange 0.70 common shares for each Wheatly common share.
SuperMac Technology, up 1 1/2 to 8
The company agreed to merge with Radius, which will exchnage 1.4763 common shares for each SuperMac common share. AMEX
NTN Communications, up 1/4 to 5 3/4
The company said it agreed to develop interactive games for Prodigy Services on-line service.
Echo Bay Mines, up 1/4 to 11 5/8
Gold stocks were rising with the price of precious metals and commodity prices. That move was generating fears of inflation. Gold is often seen as an indicator of increases in cost-of-living.