CapCities shares continue on a roll

Capital Cities/ABC shares continued their upward spike yesterday, zooming another 20 points to a high of $ 499, with trading delayed at the New York Stock Exchange yesterday morning.

The shares closed yesterday at $ 8.50 to $ 487, after rising $ 15.75 on Tuesday. Wall Streets attributed the run-up and consequent decline to profit takers.

The upward movement started after Cap Cities/ABC top management said it was looking for a major acquisition, possibly in the $ 5 billion to $ 8 billion range at the PaineWebber media conference in New York Tuesday. They said they expect flat earnings for the company in 1992, and cited the possibility of a share repurchase program or a significant increase in its dividend.

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 0

Leave a Reply

No Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Biz News from Variety

Loading