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.

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