Arrow-right Camera
The Spokesman-Review Newspaper
Spokane, Washington  Est. May 19, 1883

The Ticker A Look Back At The Past Week On Wall Street

WHAT’S HOT

This week’s ticker is dedicated to the fine art of the mega-merger. Sure, it isn’t that hard to put a couple of companies together, sell off a few assets, lay off a couple of employees and move on. But when two really big movers and shakers in their field decide its time to tie the knot, now that’s something. And it happened this week on the Street. Morgan Stanley and DeanWitter/Discover announced Wednesday they would merge into Wall Street’s biggest firm and it meant more than just another $10.6 billion deal. It also is expected to trigger a rash of other mergers and consolidations in the financial service industry as others struggle to compete. The news kicked up both companies stock Wednesday, with Morgan rising $7.87-1/2 while Dean Witter, which will own 55 percent of the new company, up $2. By Friday the joy had worn off some, with Morgan up $1.12-1/2 to finish at $67.62-1/2. Dean Witter finished the week at $42, up 87-1/2 cents Friday.

WHAT’S NOT

There was no joy in Mount Joy, Pa., home of Physican Support Systems Inc. The provider of management systems for doctors said fourth-quarter earning would fall far short of expectations. The company’s stock then dropped $9.06-1/4 to $7.50 on the news.