AREA FIRMS SEE DAY OF LEVITY IN THEIR STOCK ISSUES.Byline: Ben Sullivan Daily News Staff Writer Talk about your favorable return on investment. Simi Valley-based Fields Aircraft Spares Inc., a supplier of new spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. to the commercial aircraft industry, saw its share price jump 58 percent Tuesday, going from $6 to $9-1/2 by day's end. The apparent cause: A seemingly innocuous press release by the company's newly retained public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most firm. Sherman Oaks-based Coffin Communications Group issued an announcement Tuesday morning that it had been retained by Fields Aircraft to manage the company's investor relations Investor relations The process by which the corporation communicates with its investors. . Within minutes Fields' share price shot up, climbing to as high as $12, before settling in around $9. In all modesty, said Coffin partner Michael Manahan Michael Manahan (d. 2000) was a prominent Irish civil servant, within the Department of Industry and Commerce. He played a pioneering role in all aspects of marine science and technology in Ireland spanning three decades. , the PR firm sometimes has that effect on investors. ``Coffin Communications has been very successful in what we do. We have a following and what will happen sometimes is that when we come out with a press release, that in and of itself will create some buying activity,'' Manahan said. Others, however, were skeptical of the communication firm's Midas touch Midas touch n. The ability to make, manage, and keep huge amounts of money: "Today's market has convinced dozens of kids barely out of college that they've got the Midas touch" Business Week. . ``Most of the time signing on an investor relations firm doesn't move the stock,'' said James Lin, a vice president in the research department of Los Angeles-based Wedbush Morgan Securities. ``I'm not taking anything away from Coffin,'' Lin said, ``but I'd have a hard time believing it. There might be something else going on.'' Just what, however, Lin couldn't say. Fields Aircraft has made few announcements of late, the most recent being a fairly healthy earnings report in July. Another Simi Valley Simi Valley (sē`mē, sĭm`ē), city (1990 pop. 100,217), Ventura co., SW Calif. in an oil, fruit, and farm region; laid out 1887, inc. 1969. firm, Whittaker Corp., also saw its share price climb dramatically Tuesday, though much of that gain was eventually lost, with the firm closing up 11 percent, at $12-3/4. Whittaker shares at one point were selling at close to $14, after a week of slow trading with little price fluctuation. The sudden surge Tuesday prompted the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. to contact Whittaker about the activity, said company spokesman John Otto John Otto may refer to:
The Ventura County defense contractor is seen as a likely takeover candidate in the industry's ongoing consolidation. Whittaker has been shopping around its communications, defense electronics and aerospace units for several months and said it remains in talks with potential suitors. |
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