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

Sat., June 14, 1997

WHAT’S HOT

Is this what Alan Greenspan meant by “excessive optimism?” Most stocks were hot this week as investors, giddy about the future, sent the Dow Jones industrial average roaring past 7,500 points to nearly eclipse 7,800. By the time the ticker tape settled, the industrial average closed at 7,782. Safeco, the Seattle-based insurer, triggered a $7.375 jump in American States Financial, which closed for the week at $45.50, by agreeing to pay $47 per share for the Indianapolis-based insurance firm. Investors holding Numar Corp., an oil and gas exploration company in Pennsylvania, saw shares skyrocket from $20.75 to $37 when Halliburton Co. announced plans to buy the firm. Investors also showed zest for a new stock issue by Polo Ralph Lauren Corp., pushing the original price of the fashion retailer from $26 to more than $31 in its first two days of trading.

WHAT’S NOT

Airlines were among the few stocks grounded during an otherwise high-flying week on Wall Street. Analysts at major brokerage firms cut second-quarter earnings estimates on several carriers in response to disappointing May traffic. That sent many airline stock prices toward earth. AMR Corp., which operates American Airlines, fell from $102 to $96 per share. Delta Air Lines, plummeted from $94 to $89.50 per share and UAL Corp., which operates United Airlines, dipped from $77.75 to $75 per share.

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