Black & Decker stock reaches 11-year high

March 17, 1995|By a Sun Staff Writer

Amid higher predictions of first-quarter earnings, Black & Decker Corp. stock leapt to an 11-year high yesterday.

Yesterday's 4 percent gain in the stock, to $28, came as an analyst for Morgan Stanley & Co., boosted her estimates for the company's first-quarter earnings from 17 cents to 23 cents per share. Volume in Black & Decker stock was 979,500 shares on the New York Stock Exchange, compared with average volume of 394,711.

In her report, analyst Jennifer A. Pokrzywinski said the company is expected to have strong sales in the first quarter -- traditionally the weakest period for the company.

Ms. Pokrzywinski particularly noted the company's household division, where sales have been improved by the popularity of the SnakeLight, a flashlight at the end of a flexible tube that can be twisted into various shapes.

The Towson-based power tool and appliance manufacturer is also benefiting from improved cash flow and lower-than-expected increases in interest expenses, the report said.

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