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DJ JW Genesis Stk Jumps For 2nd Day; Co. Has No News
Lynn Cowan 5/21/99
NEW YORK (Dow Jones)--JW Genesis Financial Corp.'s (JWG) stock rose 8.9% in
intraday trading Friday, but the Boca Raton, Fla., brokerage's vice chairman said the
company had no news that would explain the share activity.
The company's stock was trading recently at 16, up 1 5/16, or 8.9%, on volume of
328,800 shares. Average volume is 48,415. On Thursday, it closed at 14 11/16, up 1
11/16, or 13%.
Vice Chairman Joel Marks told Dow Jones that he believed the firm's upcoming sale of
its clearing operations to Fiserv Inc. (FISV) could be having a positive effect on the stock,
given the amount of Internet chatter about it. The company agreed to the sale for $58
million last month, and is expected to close the deal in coming weeks.
"There have been a lot of chat room rumors about what we would do with the money,"
said Marks, who declined to say how the firm plans to use the sale's proceeds.
--Bill |
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