Connecticut Stocks Little Changed as Bridgeport Machines Gains
Hartford, Connecticut, March 16 (Bloomberg) -- Connecticut
stocks were little changed as Bridgeport Machines Inc. lead
stocks that gained and TSI International Software Ltd. lead those
that fell on the day the Dow Jones Industrial Average reached
10,000 for the first time.
The Bloomberg Connecticut Index fell 0.04 to 194.00. The
index, down 3.4 percent this year, is a price-weighted list of
the stocks of 157 companies doing business in Connecticut and is
designed to reflect the performance of the state's economy.
Bridgeport-based Bridgeport Machines rose 3 7/16 to 8 1/8
after closely held High Technology Holding Corp. offered to buy
2.5 million shares of the maker of metal-cutting machines for
$10.125 a share. Danbury-based TSI International Software Ltd., a
maker of business software whose shares have more than tripled in
the past year, dropped 2 11/16 to 58 7/16.
The Dow average fell 28.30, or 0.3 percent, to 9930.47 after
touching 10,001.78 in the first 30 minutes of trading. The
milestone was reached three weeks short of a year after the
average closed above 9,000.
Crossing 10,000 ''was like scaling Mount Everest,'' said
David Sowerby, who helps oversee $10 billion in stocks for
Loomis, Sayles & Co. in Detroit. ''You look down and say, 'I'm
pretty high up the mountain.' You're a little nervous, and you
drop down a couple of ledges.''
The Standard & Poor's 500 Index fell 0.90 to 1306.36. The
Nasdaq Composite Index, packed with computer-related shares,
advanced 7.83, or 0.3 percent, to 2439.27, outperforming the Dow
average just as it has throughout the 1990s.
Other Connecticut stocks that rose included
telecommunications equipment maker Transwitch Corp. and those
that fell included Citigroup, the world's biggest financial
services company.
Shelton-based Transwitch climbed 2 7/16 to 40 3/4, while New
York-based Citigroup dropped 1 7/16 to 64 1/2.
19:26:40 03/16/1999
|
