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Industry: Email Alert RSS FeedFNS outpaces Dow Jones led by Champion jump. (Fairchild News Service, Champion Products Inc. takeover by Sarah Lee Corp.)
Daily News Record, February, 1989 by Kentouris, Chris
FNS Outpaces Dow Jones Led by Champion Jump NEW YORK (FNS) -- A 12 3/8-point jump by Champion Products, Inc., on a buyout agreement with Sara Lee Corp. led fashion stocks to outpace the market last week. With additional help from takeover rumors, the Fairchild News Service Index of retail, apparel, textile, and cosmetics stocks climbed 4.8 percent, cleanly outperforming the 1.7 percent advance of the Dow Jones Industrial Average. Advances on the FNS index swamped declines 44 to 10, with 3 issues unchanged.
Champion closed at 76, as it accepted Sara Lee's $77-a-share offer, which topped Phonicam, Inc.'s hostile $61-a-share bid. Phonicam, which had initially offered $52 a share last November, raised its bid to $55 in January.
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