|
Apple shares hit new low
|
 |
July 3, 1997: 8:40 a.m. ET
Investors voice concern over Power Computing's shift to PC-clones
|
NEW YORK (CNNfn) - Apple Computer Inc.'s stock continued to slide, hitting a new 12-year low, as investors voiced concern over a key clone-maker's decision to begin shipping PC-compatible units.
Power Computing Corp. has filed to sell 3 million common shares in an initial public offering. In its registration statement, the maker of Mac clones said it also would "broaden its product portfolio to include Wintel desktop and portable computer systems as well as Microsoft Windows NT- based server products."
Apple stock (AAPL) closed on Wednesday at 13-1/16, down 1/8.
Elsewhere, Western Resources Inc. said it will drop its $3.9 billion hostile bid for ADT Ltd., clearing the way for the security company to complete its friendly $5.7 billion merger with Tyco International Ltd.
Western Resources, which owns 27 percent of ADT, said it will recognize a $710-million gain on its investment.
Western Resources shares (WR) lost 3/16 to 32 9/16 on Wednesday. ADT's stock (ADT) climbed 2-1/2 to 36-1/4. Tyco (TYC) soared 4-7/16 to 75-1/4.
General Mills Inc., the maker of Cheerios, Wheaties and Trix, said it plans to increase cereal prices an average 2.6 percent.
The nation's second-largest cereal maker becomes the first major U.S. cereal maker to raise prices since it initiated a round of industry-wide price cuts a year ago.
General Mills' stock (GIS) closed at 65-3/4, up 1/8 on Wednesday.
-- Robert Liu
|
|
|
|
|
 |
|
