Steve, it was not Mike that caused the rise today. It was a Montgomery upgrade of RAYS. Here is the news story from Reuters. To all, what is your opinion of the following :
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Ratings upgrade brightens sunglass firm stocks
Reuters, Wednesday, January 22, 1997 at 19:01
NEW YORK, Jan 22 (Reuter) - Shares in sunglass companies
rose strongly on Wednesday, boosted by a ratings upgrade for
retailer Sunglass Hut International Inc (NASDAQ:RAYS).
The company's shares rose 1-1/2 to 7-3/8 in very heavy
trade after Montgomery Securities analyst Alice Ruth raised the
retailer's rating to buy from a hold. Details of the rating
increase were not immediately available.
Analysts and traders said Sunglass Hut's rise helped pull
other shares in the industry along. Italy's Luxottica Group SpA
(NYSE:LUX) rose 2-5/8 to 61-3/8 and Oakley Inc (NYSE:OO) was up 7/8
to 10-3/4.
Sunglass Hut has "been a barometer of sentiment when people
look at the industry so people view it ... as (an index of) how
many sunglasses are being bought," Merrill Lynch analyst Mark
Miller said.
All three sunglass companies have seen their stocks slide
since spring 1996.
Sunglass Hut has seen its stock fall from a peak of almost
37 in March 1996, and Luxottica's shares have dropped from a
high of about 82 in April 1996. Oakley's stock has fallen from
27-1/8 in May.
Miller said, "The pessimism really had gone too far and
that's starting to unwind."
He added, "Probably what's helping these stocks today is
that they are good growth stocks with good valuation."
Copyright 1997, Reuters News Service
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Shivu |
