January 8, 2001
MAINE STOCK TRENDS
Some Maine investors smile, despite down week for the overall market
Copyright © 2001 Blethen Maine Newspapers Inc.
 Updated prices for 37 Maine stocks are listed on our stocks page. | |
| Recently in MAINE STOCK TRENDS: | |
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Maine Companies Begin to Report Q2 Results (July 24, 2000) Is the Great Internet Sell-off over? (July 17, 2000) Maine stocks outpace the averages in 2000 (July 10, 2000)
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UnumProvident surged this past week on the strength of report from Vanessa Wilson of the investment bank Donaldson, Lufkin & Jenrette. Wilson raised her rating on the company to “Top Pick”. That was enough to move the stock up 17.4% in a single day (July 26). The stock actually traded as high as 25 9/16, which is the highest it has traded since fourth quarter earnings were released. Those disappointing Q4 results sent the stock below 12 last winter. The Company plans to release second quarter results after the market closes on Wednesday, August 9. Street estimates are for $0.60 per share.
IDEXX Labs (IDXX- 23) had a nice week as well, moving up 11.9%. The Westbrook veterinary products company announced the acquisition of Veterinary Pathology Services, Inc., an Australian veterinary lab with about $5 million in 1999 revenues.
IDEXX’ board recently authorized the Company’s share repurchase program to be increased to as many as 10 million cumulative shares. Approximately 4.9 million shares have already been bought back since the program was first announced about a year ago.
IDEXX also announced that William End, CEO of Cornerstone Brands, a direct marketing company has been added to the company's board of directors. Before forming Cornerstones, End’s career includes time as a director of Hannaford Bros. Co. (HRD-75 41/16), President of Land’s End, and as Executive Vice President of L.L. Bean.
Speaking of Hannaford, the stock has now officially joined the growing list of Maine’s “recently departed” public companies. Hannaford announced on July 25 that it had received FTC approval for the merger. On Saturday, July 29, the Company was merged into Delhaize America to form the fifth-largest supermarket chain in the United States. In its final week of trading, the stock moved up 2.66%.
American Skiing (SKI- 2 5/16) closed out its fiscal year Sunday, July 30, which is an unusual way to end a business cycle. It ends its year on the last Sunday of July recognizing that its business is centers on weekend recreation. Company officials want to report financial results as of the end of the weekend, rather than at the end of a calendar month. The other three fiscal quarters end on the last Sundays of October, January, and April.
Fiscal or otherwise, both the company and the stock limped through another disastrous year. Over the past 52 weeks, American Skiing stock slid 51.3%. The Newry, Maine owner of ski resorts from Maine to California went public in November 1997 at $18 per share.
Fairchild Semiconductor (FCS-35) reported second quarter earnings per share of $0.59 (fully diluted), versus a loss of $0.24 per share for the same period last year. The stock continued to drift lower after the announcement, closing the week down 2.78%, after sliding four points the previous week.
Banknorth Group (BKNG-15 1/16) and Energy East (NEG-18 7/8) each entertained security analysts in Portland this past week. Both companies invited leading analysts from around the country to briefings on their respective operations.
Energy East will soon acquire Maine’s largest electric utility, CMP Group (CTP-29 3/16). That merger is simply awaiting approval from the Securities and Exchange Commission. It is now hoped that such approval will be forthcoming in late August, or in September.
Based upon the latest filings, more than 300,000 shares of Brunswick Technologies are still believed to be outstanding, even though the company is in the process of being acquired by CertainTeed Corporation. Stockholders are being asked to tender their shares for $8.50 apiece, and there are those who feel that it’s more appropriate to exercise Dissenters’ Rights than surrender their shares for that 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