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Alert: Tech, bank issues pace rebound
United Press International - November 13, 1997 18:52
%FINANCIAL %STKS %MOVERS V%UPI P%UPI
NEW YORK, Nov. 13 (UPI) - Technology and financial issues paced the
market's rebound in choppy trading Thursday, while others reacted to
earnings news.
Compaq Computer Corp. topped the Big Board actives, jumping 4 1/4 to
62 1/4.
Among other technology issues, Texas Instruments Inc. bounced back 3 3/4
to 97 1/2, Motorola Inc. climbed 1 7/16 to 62 3/4 and Advanced Micro Devices
Inc. jumped 1 3/16 to 21 1/8, while Dow components IBM Corp. regained 2 1/2 to
99 1/8 and Hewlett-Packard Co. rose 1 5/16 to 60 1/16.
On Nasdaq, Intel Corp. climbed 3 to 77 15/16, Microsoft Corp.
regained 2 3/8 to 131 9/16, Dell Computer Corp. jumped 5 1/16 to 77 1/16
and Sun Microsystems Inc. rose 5/8 to 32 3/8.
Among the NYSE-traded financial issues, Dow components J.P. Morgan &
Co. rose 1 1/4 to 110 5/8, Travelers Group Inc. added 11/16 to 69 5/8 and
American Express Co. edged up 3/8 to 77 3/4.
Citicorp rose 1 7/8 to 118 1/4, Wells Fargo & Co. gained 4 13/16 to 280
9/16 and BankAmerica Corp. climbed 1 1/2 to 71 3/8.
Even Chase Manhattan rose 1/2 to 107 1/4. Chase was down earlier after
announcing a loss of about $160 million in its trading revenue in
October. It also said that as a result of the ongoing uncertain market
environment, it will unlikely ''achieve its previously announced 1997
target of 15 percent annual growth in operating earnings per share.''
Kmart Corp. fell 9/16 to 12 7/8. Although its third-quarter earnings
rose to 4 cents a share from last year's 2 cents, the retailer said its
gross margin was ''below plan.''
Kmart also announced it is offering early retirement to nearly 30,000
hourly workers - or about 11 percent of its work force - as part of a
cost-cutting effort.
Meanwhile, CIT Group Inc. closed at 30 on its initial trading on the
Big Board. The 31.5-million-share offering of the New York-based
commercial and consumer financing company was priced at $27 a share. Its
stock trades under the symbol CIT.
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Copyright 1997 by United Press International.
All rights reserved.
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