Dow Jones Newswires -- June 18, 1998
ADC Telecommun Gains 11% On Chmn's
Positive Comments
Dow Jones Newswires
NEW YORK -- ADC Telecommunications (ADCT) shares got an 11%
boost Thursday as Chairman and Chief Executive William Cadogan made
positive comments at a conference.
Analysts said Cadogan, speaking in New York at Bear Stearns & Co's
technology conference, aroused the interest of investors with his words
about his company's telecommunications equipment business.
According to Robert Switz, ADC's chief financial officer who did not attend
the conference, Cadogen was planning to discuss the company's strengths,
but had no big announcements to make. "There was nothing of an
expectational or unusual nature planned to be announced," he said.
Switz suggested that investors, having seen the company beat Wall Street's
earnings expectations in the second quarter and hearing that the company is
on track in its third quarter, may have realized the stock was undervalued.
The stock, even with its gains Thursday, is still about 30% off its 52-week
high of 45, set last July. It was recently trading at 31, up 3 1/8, or 11.2%,
on volume of 4.6 million shares, compared with average daily volume of 1.3
million.
Conference attendees were not immediately available for comment.
- Nancy Beiles; 201-938-5393
Briefing Book for: ADCT
Return to top of page | Format for printing
Copyright c 1998 Dow Jones & Company, Inc. All Rights Reserved.
|
