Stocks climb with UBS, Paine Webber Group deal
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This is a digitised version of an article from The Cayman Compass's print archive. Occasionally, the digitisation process introduces transcription errors, or other problems.
See the article in its original context from July 2000.
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Barry Hyman, market strategist for Ehrenkrantz, King Nussbaum Inc said "The PaineWebber news is dominating the rest of the market." PaineWebber jumped 16-15/16 to 66-7/8 after UBS said it would buy the brokerage in a move that will give Switzerland's No.1 bank access to millions of wealthy US investors. The deal values the No.4 US brokerage at US$73.50 a share, a 47 percent continued on page 2 from page 1 premium over its closing share price on Tuesday.
The announcement raised expectations of further bids for US investment banks and brokerages by European banks, which are determined to gain a foothold in the world's largest investment market.
Among those to benefit were banking group J.P. Morgan & Co., which gained 5-9/16 to 122-9/16, investment bank and brokerage Merrill Lynch & Co., up 2-5/8 to 131-3/4, and Lehman Bros., which added 5-3/16 to 111-5/8. The broader Standard & Poor's 500 index advanced 12.04 points, or 0.81 percent, to 1,492.92.
