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CNNfn market movers
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June 28, 1999: 11:08 a.m. ET
Energy stocks charge investors, but Marshall Ind. posts the best early gain
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NEW YORK (CNNfn) - The energy sector heated up Monday morning as investors tapped into a number of new billion-dollar deals.
Nalco Chemical Co. (NLC) shares proved potent in early trading after French conglomerate Suez Lyonnaise des Eaux agreed to acquire the Naperville, Ill.-based company for $4.1 billion, sending its shares up 8-15/16 to 51-7/16.
Investors also fueled a jump in shares of natural gas supplier Wicor Inc. after Wisconsin Energy Corp. agreed to purchase the company for $1.27 billion. Wicor (WIC) shares rose 1-1/4 to 27-13/16 in early trading while Wisconsin Energy (WEC) shares were down 7/16 to 26-5/8.
And investors in Apache Corp. clearly believed they struck pay dirt after the oil and natural gas company's chief executive officer said analysts' estimates of a 19 cent per share second quarter profit for his company were too low. Apache (APA) climbed 9/16 to 37-13/16.
Elsewhere, industrial electronics component and semiconductor distributor Marshall Industries (MI) saw its stock surge 15-1/2, or more than 70 percent, to 35-5/8 after being acquired by Avent Inc. for $830 million, including the assumption of $160 million in debt.
Amvescap also saw great interest in its shares after a published report claimed Goldman Sachs (GS) was looking to buy the money manager. That was enough to have Amvescap (AVZ) shares trading 2-5/8 higher to 45-1/4.
Manufacturing company Milacron Inc.'s stock showed little stability Monday, however, after announcing its second quarter earnings would close lower on soft demand. Milacron (MZ) fell 2-1/4 to 18-7/16 on the news.
SS&C Technologies (SSNC) shares slipped 1-1/4 to 7-1/8 after the financial software maker warned it wouldn't meet analysts' expectations for the second quarter either because of a $6.5 million shortfall in license revenue.
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