To: John Pitera who wrote (772 ) 3/30/2000 5:54:00 AM From: johnsto1 Read Replies (1) | Respond to of 2850
TDY -from dow jones <<Riesenseld told Dow Jones Newswires that Tuesday's gains may have been a combination of Banc of America Securities LLC increasing its price target last week and the market finally taking notice of Teledyne's skills.>> Banc of America increasing price target doesn't show up on any searches. Is it yet to come out??? March 29, 2000 -------------------------------------------------------------------------------- Teledyne Tech Dn 20%;Profit-Taking From Tues Gains Cited Dow Jones Newswires By Miatta V. David NEW YORK -- After reaching a 52-week high Tuesday, shares of Teledyne Technologies Inc. (TDY) fell more than 20% Wednesday as market watchers cited profit-taking. "There has been a buzz about the stock," said a market watcher who asked not to be identified. "It was mentioned on CNBC Tuesday, which sent the stock up," he said, "and there were a lot of day traders boosting the stock on message boards." Shares of the Los Angeles provider of electronic and communication products systems fell as low as 20 7/16 and recently traded at 21 1/8, down 4 7/8, or 18.8%, on volume of 1.7 million, compared with a daily average of 273,500. The stock soared Tuesday while Wall Street unsuccessfully searched for news that could explain the gains. After setting a 52-week high of 28 1/2, it closed at 26, up 7 5/8, or 41.5%. The market watcher said Wednesday's drop doesn't reflect any fundamental changes to Teledyne. "It's profit-taking from Monday and Tuesday's gains," he said. Teledyne's Chief Financial Officer Stefan Riesenseld said, "The question isn't why is (the stock) down today, but why it was up yesterday." Riesenseld told Dow Jones Newswires that Tuesday's gains may have been a combination of Banc of America Securities LLC increasing its price target last week and the market finally taking notice of Teledyne's skills. Riesenseld said the company has not released any news that could have affected the stock either way. Teledyne Technologies is a spinoff of Allegheny Technologies Inc. (ATI). - Miatta V. David; Dow Jones Newswires; 201-938-5175 -------------------------------------------------------------------------------- Briefing Book for: ATI | TDY