The biggest gainer of the week was Cort Business Services Corp., soaring 63.5 percent to close at $28 a share, the tender offer price that Berkshire Hathaway Inc.'s Warren E. Buffett is willing to pay to buy the Fairfax furniture rental company. A potential second bidder emerged: Brook Furniture Rental, whose chief executive said he offered $1.25 a share more than Buffett. The market, however, gave Brook Furniture little consideration, holding fast at the $28-a-share tender offer price.
EntreMed Inc.'s stock rose Tuesday on news that it would fund research in cardiovascular disease at Children's Hospital in Boston. The Rockville biotechnology company said it would collaborate on research by Karen Moulton in angiogenesis inhibitors, which can block the blood supply from cancerous tumors. Moulton's work points to the inhibitors being linked to atherosclerotic plaques in coronary arteries, which can cause heart attacks and strokes.
Sterling-based network integrator FastComm Communications Corp.'s stock price jumped last week after a favorable investment opinion by a Baltimore boutique research firm and on news that it had unveiled its high-bandwidth digital subscriber line strategy at the Comnet 2000 show in Washington.
The research report by Chesapeake Securities Research Corp. projected profitability to occur in April and for earnings growth to be significant in the following two years.
FastComm has lost money in each of the last three years and sales have been declining. So FastComm has, shall we say, a lot of upside potential.
Prime Retail on Tuesday lowered its expectation of its 2000 funds from operations, the key performance figure for real estate investment trusts, which sent the stock into its second week of decline. The company said it anticipated a drop in occupancy and net operating income at some of its outlet malls, higher debt expenses and higher marketing expenses.
Fannie Mae's stock took a hit last week after its chief economist gave some downbeat assessments of the mortgage industry to mortgage bankers at Hibernia National Bank. David Berson said home sales would continue to be strong, but would decline in 2000 by about 8 percent below 1999's record levels. He predicted that mortgage rates would rise.
The Washington Post-Bloomberg regional stock index hit another new high Friday, closing at 192.14.