Marshall Industries Shares Jump But Firm Doesn't Offer Explanation
Dow Jones Online News, Friday, April 09, 1999 at 17:40
NEW YORK -(Dow Jones)- Marshall Industries shares rose as much as 29% Friday on the New York Stock Exchange but the company is unable to
explain the rise.
Shares of Marshall Industries (MI) closed Friday at $16.50, up 17%, or $2.375 on volume of 820,000 shares, about ten times the average daily volume. The increase follows a 10% rise Thursday as the shares rebounded from a 52-week low of $12.375 reached Tuesday.
Marshall Industries Chief Financial Officer Henry Chin said the El
Monte, Calif., electronics distributor had no news to explain the activity.
Hoefer & Arnett analyst Kevin L. Daly suggested investors were focusing on the company's Internet operations, which include a Web site where customers and suppliers can obtain technical data sheets, conduct real-time ordering of products and participate in live interactive training sessions and product seminars.
Daly on March 8 released a bullish research note that highlighted the Internet operations. He suggested Friday that investors and other observers have been assessing the value of Marshall Industries' Internet operations and whether these operations are viable spin-off candidates.
"It remains to be seen whether they can function as a stand-alone
operation," he said Friday.
Peter Loftus; 201-938-5099
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