MURDOCH COMPANIES A HIT WITH INVESTORS.
Rupert Murdoch had to be smiling Monday.
Minutes before the Los Angeles Dodgers took the field to start the season, Wall Street closed a session that saw a major boost to stocks of its parent companies Fox Entertainment Group and News Corp.
Earlier in the day, analyst Richard Bilotti of Morgan Stanley Dean Witter reiterated his ``strong buy'' rating on the stock of Murdoch's News Corp. - which owns 81 percent of Fox Entertainment - pushing shares up $3.3125 to $33.875, for a gain of 11 percent.
The price was the highest for News Corp. in recent years, surpassing the 52-week high of $33.50 last July. Bilotti said shares have been undervalued compared with its entertainment industry rivals in recent years.
Murdoch's strategies of aggressive acquisition and heavy debt load have kept the price of News Corp. shares depressed in recent years as the stocks of Time Warner Inc. and Viacom Inc. have soared. The News Corp. chief decided last year to split the company in two, creating Fox Entertainment Group through a $2.8 billion offering that left 18.6 percent of the new company in public hands.
Shares of Fox Entertainment rose $1.3125 to $28.375 on Monday. Fox Entertainment, which went public in November at $22.50 a share, owns the Dodgers, 20th Century Fox, the Fox Network and investments in cable-television channels.
After the market closed, the Dodgers beat the Arizona Diamondbacks 8-6 in the 11th inning.
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|Publication:||Daily News (Los Angeles, CA)|
|Article Type:||Statistical Data Included|
|Date:||Apr 6, 1999|
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