ANN ARBOR, Mich. (Feb. 17, 1998) -- U.S. equities markets closed mixed following the Presidents' Day holiday, with the S&P 500 rising 0.26% but the Nasdaq dropping 0.41%. The Boring Portfolio dipped as well, in generally uneventful trading.
On the upside, Atlas Air (NYSE: CGO) continues its climb to altitudes not visited since last spring. CGO gained $5/16 on double its average trading volume to close at $29 3/8. The company announced this morning that former CFO Rick Shuyler has been promoted to the newly created position of Executive Vice President of Financial Planning.
Filling the CFO slot is Stephen Nevin, who comes to Atlas from AirTran Holdings, Inc. (Nasdaq: AAIR)... nee ValueJet. I'll forego any gratuitous gibes until I've had a chance to find out more about Mr. Nevin. Then maybe I'll gibe.
According to Atlas's press release, Nevin got his MBA at Wisconsin; so maybe he's an okay guy.
On the downside, FelCor Suite Hotels (NYSE: FCH) eased $5/8 in moderate trading. Noodling around over the long weekend, I noticed that on Friday FelCor filed a shelf registration with the SEC. The registration statement is not yet effective, but when it is, it will permit FelCor to offer up to $1 billion in debt and equity securities from time to time to help finance acquisitions and other capital needs.
As for acquisitions, FelCor isn't wasting any time. After the market closed today, FelCor announced it is purchasing of the 194-suite Doubletree Guest Suites hotel in downtown Columbus, Ohio. This acquisition brings the number of Doubletree Guest Suites hotels that FelCor owns to 14, and its total number of hotels to 74.
According to a press release, FelCor will purchase the hotel for $14.1 million in cash and approximately 134,000 Operating Partnership units, each valued at $37.06, which can be redeemed for FCH stock.
FelCor will spend approximately $1 million for improvements to the hotel, which is located in the center of downtown Columbus and is part of Hunnington Center, a mixed-use complex with more than 1 million square feet of office space and 40,000 square feet of retail space. The hotel is connected by covered walkway to the State Office Tower and State Capitol Building. It's also close to where a new arena will be constructed to house the city's new NHL franchise, which will begin play in the year 2000.
I've heard that there's some sort of university in Columbus, too.
Stock Change Bid ANDW - 7/16 27.50 CGO + 5/16 29.38 BGP + 3/16 32.63 CSL -1 7/16 47.56 CSCO + 1/16 64.94 FCH - 5/8 35.50
Day Month Year History BORING -0.59% 2.86% -0.67% 24.98% S&P: +0.26% 4.33% 5.39% 64.53% NASDAQ: -0.41% 5.19% 8.47% 63.64% Rec'd # Security In At Now Change 2/28/96 400 Borders Gr 11.26 32.63 189.84% 6/26/96 150 Cisco Syst 35.93 64.94 80.72% 8/13/96 200 Carlisle C 26.32 47.56 80.67% 3/5/97 150 Atlas Air 23.06 29.38 27.39% 1/21/98 200 Andrew Cor 26.09 27.50 5.40% 11/6/97 200 FelCor Sui 37.59 35.50 -5.56% Rec'd # Security In At Value Change 2/28/96 400 Borders Gr 4502.49 13050.00 $8547.51 6/26/96 150 Cisco Syst 5389.99 9740.63 $4350.64 8/13/96 200 Carlisle C 5264.99 9512.50 $4247.51 3/5/97 150 Atlas Air 3458.74 4406.25 $947.51 1/21/98 200 Andrew Cor 5218.00 5500.00 $282.00 11/6/97 200 FelCor Sui 7518.00 7100.00 -$418.00 CASH $13182.97 TOTAL $62492.35