N.Y. Late Market Comment
12/21/98
Dow Jones News Service
Micron Electronics inched ahead 9/16 to 21 3/8 on Nasdaq. The Nampa, Idaho, direct seller of personal computers posted fiscal first-quarter results that edged out Wall Street's forecasts.
Shares of Micron Technology, which own a majority stake in Micron Electronics, moved ahead 1 7/8 to 54 3/4.
Pfizer fell 15/16 to 115 1/16 in a mostly weaker session for drug stocks, despite getting one stage of the clearance needed to market its Viagra impotence treatment in Japan.
Paper stocks advanced modestly after an article in the current issue of Barron's said that some analysts believe the industry could have seen its bottom after more than a year of pressure from weakened world economies. (Barron's is owned by Dow Jones, which also publishes this newswire.)
International Paper moved up 1 3/16 to 42 15/16, Weyerhaeuser gained 13/16 to 49 9/16, and Smurfit-Stone Container added 11/16 to 13 5/8.
Rohm & Haas climbed 1 to 29 5/8. The Philadelphia specialty chemicals and plastics maker agreed to buy LeaRonal, a Freeport, N.Y., maker of specialty chemical additives, for 34 a share, or about $640 million. LeaRonal shares increased 6 7/8 to 33 11/16.
Shares of Consolidated Freightways tumbled again, falling 1 1/4 to 13 5/8 on Nasdaq, even though the Menlo Park, Calif., trucking concern said there was no news to report. The stock fell sharply Thursday, after Morgan Stanley lowered its rating.
DuPont rose 1 1/4 to 54 7/8. An analyst at Spencer Clarke started coverage of the stock with a buy rating
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