January 8, 2001
MAINE STOCK TRENDS
Maine Companies Begin to Report Q2 Results
Copyright © 2001 Blethen Maine Newspapers Inc.
 Updated prices for 37 Maine stocks are listed on our stocks page. | |
| Recently in MAINE STOCK TRENDS: | |
|
Is the Great Internet Sell-off over? (July 17, 2000) Maine stocks outpace the averages in 2000 (July 10, 2000)
| |
| Maine stocks in this column: | |
|
| |
| Charts: | |
|
|
Three banks reported results for the quarter ending June 30, 2000,this past week: Banknorth Group (BKNG-15 5/16), First National Lincoln (FNLC-14 7/8), and Merrill Merchants (MERB-10 1/2).
This was the initial quarterly report for the recently-merged Banknorth. Operating earnings of $0.40 per share were in line with analysts' estimates, but the stock still fell over 4 percent for the week. Wall Street analysts who follow the parent of People's Heritage have been invited to Maine July 27-28 to meet with senior management. This is the second annual analysts conference that Maine's largest bank holding company has hosted.
Earnings were up 13 percent (22 percent fully diluted) at Bangor's Merrill Merchants, but its stock price, too, was down for the week — about 3.5 percent.
At First National Lincoln, which is the parent of First National Bank of Damariscotta, earnings were up 8.9 percent (6.8 percent fully diluted). Its stock moved up about 1 percent.
Fairchild Semiconductor (FCS-36) will release its latest earnings report on July 25. The consensus estimates are $0.57 per share. The news has only been good for the company so far in 2000. Even so, the chip manufacturer was this week's second worst performing Maine stock. The Fairchild dropped 4 1/16 points, or a little over 10 percent for the week ending July 21. A look at the accompanying chart indicates that the 50-day moving average for the company has turned down for the first time since the stock has been publicly traded. The stock price bears watching in light of this.
Interested investors can catch Fairchild's conference call with analysts Tuesday, July 25. It is being broadcast on the Web at 4:45 PM Tuesday.
UnumProvident (UNM-19 5/8) stock was down 6.55 percent for the week ending July 21. No news, but results are due out in early August.
Not much gets written about Intelligent Controls (ITC-1 3/8) these days, but when your stock trades for a buck, it doesn't take much to cause a meaningful percentage move. The stock closed up an 1/8 of a point this week and that represented 10 percent for the week. It also caused ITC to be the week's top performing Maine stock. The Saco company manufactures line leak detectors, devices for monitoring underground storage tanks, and electronic measurement systems for the electric utility industry.
ITC's revenues and earnings were off 43 percent and 94 percent respectively in the first quarter of 2000. The stock once sold for 6 1/2, just a few years ago. Over the past year, the stock has traded between 2 7/8 and 1 1/2, so it is off 56 percent from its 52-week high. Interestingly enough, with the exception of an isolated sale from former CEO, Alan Lukas, insider transactions have all been "buys" over the past 12 months. Second quarter results are eagerly awaited.
As it has been the case for each of the first three weeks of this quarter (on top of being the biggest loser of the first half of 2000), Acadia Health Systems (ANHS-1 1/2) continued to be Maine's worst performing weekly stock. This week: another 20 percent was lobbed off the company's stock market capitalization. So far, it's been a long summer for Acadia Health shareholders. Directors of the Auburn-headquartered medical practice management company aren't doing much better than anyone else. Collectively, three directors purchased nearly 150,000 shares at $4.75 per share last quarter. So much for inside information.
Finally, in answer to the question of the week, "Did Portland's I-Many (IMNY- 11 3/4) stock continue to skyrocket after its successful initial public offering?" The answer is "No". Portland's new dot-com finished its first full week of trading down 2.08 percent, but it is still up over 30 percent from its $9.00 IPO price.
Brad McCurtain is president of Maine Securities Corporation. Maine Securities Corporation is an investment firm specializing in Maine's securities. From time to time, the corporation, its employees, and its clients may buy, hold, and/or sell positions in companies mentioned herein. As a regulated securities broker/dealer, the company and its employees are required to abide by all securities regulations at all times when communicating with the public. Brad McCurtain may be reached at info@MaineSec.com. Web site: http://www.MaineSec.com