Alert: Some stocks move on merger news
United Press International - February 17, 1998 19:20
%FINANCIAL %STKS %MOVERS V%UPI P%UPI
NEW YORK, Feb. 17 (UPI) - Most technology issues lost ground in
active trading Tuesday, while some issues responding to merger news were
among the big movers.
Compaq Computer topped the Big Board actives, ending unchanged at 35
1/16.
Among other technology issues, Dow components IBM eased 3/8 to 102 and
Hewlett-Packard shed 1/4 to 61 5/8, Texas Instruments fell 11/16 to 55 1/8,
Micron Technology slid 1 3/8 to 33 11/16 and Motorola edged down 3/16 to
61 1/8.
On Nasdaq, Microsoft led the actives, dropping 3 1/8 to 154 3/8.
Intel followed, rising 7/8 to 84 11/16.
Applied Materials was third, sliding 1 1/8 to 36 3/8.
Oracle Systems also fell 7/8 to 25 5/8 and 3Com slipped 1 3/16 to 33 7/16,
but Dell Computer rose 7/16 to 111 5/16, Cisco Systems inched up 1/16 to
64 15/16 and Sun Microsystems edged up 1/4 to 44 5/8.
Eli Lilly was the NYSE's second most active issue, losing 1 15/16 to
61 3/4.
Computer Associates International was third, sliding 2 5/16 to 46
1/16 after the software giant launched a hostile cash tender offer for
all the outstanding common shares of Computer Sciences Corp. at $108 a
share. Computer Sciences has approximately 85 million shares outstanding
on a fully diluted basis, and approximately $700 million of
indebtedness, giving the offer a total value of approximately $9.8
billion. Computer Sciences fell 13/16 to 106 9/16.
Echlin Inc. was fourth, jumping 11 to 49 7/8 after automotive parts
supplier SPX Corp. announced a $3 billion, hostile takeover bid for
rival Echlin. But SPX fell 13/16 to 74 1/4.
Beneficial Corp. surged 30 5/8 to 112 7/8 after rating upgrades by
PaineWebber Inc. and Donaldson Lufkin & Jenrette following the financial
services holding company's announcement it is considering a sale, merger
or alliance, or a continuation of the current strategy, which involves
selling off non-core assets.
Household International Inc. rose 4 3/8 to 137 3/8 after the consumer
financial company told Dow Jones it would be interested in talking with
Beneficial about a possible deal.
Devon Group Inc. jumped 14 1/8 to 60 5/8 on Nasdaq after the graphic arts
company agreed to merge with Applied Graphics Technologies Inc. in a
cash and stock transaction valued at approximately $440 million.
Applied Graphics, a provider of digital image management and
archiving services, climbed 2 3/8 to 52 1/2.
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