February 26, 2001
MAINE STOCK TRENDS
Maine stocks follow the market down
Copyright © 2001 Blethen Maine Newspapers Inc.
 Updated prices for 24 Maine stocks are listed on our stocks page. | |
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The stock market here in Maine pretty much followed the lead of the national indexes with 14 of the 17 more actively traded local companies fell in price last week.
I-Many (IMNY-$17.38) topped the list of losers for the week. The tumble came despite stronger earnings estimates for both 2001 and 2002. Buckingham Research estimates that I-Many will earn $0.14 per share in FY2001, and $ 0.70 in FY2002. They give the stock a "Strong Buy" rating. Meanwhile, Robertson Stephens is looking for earnings $0.10 and $0.53 per share for FY 2001 and FY 2002, respectively. Late last year, analysts were predicting that I-Many would lose about $0.89 per share this year. Now, the consensus calls for earnings of $0.10 and earnings for next year of $0.65 per share.
How did investors react to increased earnings estimates? The stock lost 4.46 points, which equates to a loss of 20.81 percent for the week. A major shareholder, Insight Capital Partners, has sold nearly 2 million shares over the past two weeks, which, of course, doesn't help.
The second worst performing local stock last week was Newry's American Skiing Company (SKI-$1.35). Finishing touches were put on the S-4 registration statement this past week, including setting the time and date of the shareholder meeting, which will be March 23, 4 p.m., at the Jordan Grand Hotel at Sunday River. The statement gets mailed to shareholders this week. The company said that it now expects to complete its merger with MeriStar Resorts by March 31.
Meanwhile, merger "partner" ImmuCell (ICCC-$2.81) stock moved up above $3 per share after the company was featured in an article on this site, then settled back to close the week down 4.34 percent.
Emera Inc., an energy and services company, announced it plans to raise $144.9 million from an equity underwriting. The stock will be priced at $16.10 per common share and will result in gross proceeds of between $144.9 and $166.6 million. The transaction is subject to the receipt of all necessary regulatory and stock exchange approvals. Closing is expected on or about March 14, 2001. Net proceeds from the offering will be used by Emera to fund growth initiatives as well as for general corporate purposes. Among those growth initiatives is the upcoming purchase of Bangor Hydro Electric Company (BGR-$25.90) for $26.50 cash. Bangor's stock price lost a penny for the week.
Emera has 440,000 customers and $2.9 billion in assets and owns Nova Scotia Power Inc. which supplies more than 95% of the electric generation, transmission and distribution in Nova Scotia. Emera also delivers bunker oil, diesel fuel and light fuel oil through its unregulated subsidiaries, and has a 12.5 per cent interest in the Maritimes & Northeast Pipeline, which delivers Sable Island natural gas to markets in Maritime Canada and the northeastern United States. On February 6, 2001, Emera announced its offer to purchase the Sable Offshore Energy Project (SOEP) infrastructure assets of Nova Scotia Resources Limited for $90.0 million.
UnumProvident (UNM-$25.03) announced a small acquisition last week. The company will acquire the assets of EmployeeLife.com, a privately held dot-com. EmployeeLife.com provides Internet business solutions to help employers efficiently manage and administer employee benefits.
There were only two Maine stocks that saw their share prices increase last week. Bar Harbor Bancshares (BHB-$15.50), which was up 1.31 percent even though the company went öex-dividend during the week. The only other local stock that rose for the week was Maine Public Service (MAP-$24.95) up 3.96 percent for the week. Investors were seeking haven in some of the more "defensive" stocks such as utilities. Selling at about 8 times trailing earnings, Maine Public also features a dividend yield of 5.1 percent, which is pretty much in line with the yield on10-year Treasury bonds.
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