Buffalo stocks fell this week, led by General Motors Corp., Bon-Ton Stores Inc. and Niagara Mohawk Power Corp.
The Buffalo Bloomberg Stock Index, an employee-weighted list of 57 companies with operations in the region, fell 0.67, or 0.31 percent, to 215.35 this week. The index is up 13.35 percent so far this year.
General Motors fell 2 1/2 this week to 68 5/1 6 amid reports that the Detroit-based automaker will report little or no growth in first-quarter earnings because of price cuts in North America and lackluster demand overseas.
York, Pa.-based Bon-Ton fell 1 1/2 from last Friday's six-month high of 17 1/4 to 15 3/4 . Bon-Ton is expected to report a loss of about 12 cents a share for the fiscal first quarter ending April 30, compared to a loss of 20 cents in the same period a year ago, according to a survey of three analysts by IBES International.
Niagara Mohawk fell 7/8 to close the week at 12 1/2 . The power supply company had a loss of 86 cents a diluted share for 1997, versus 24 cents a share for 1996.
Leading gainers, bank holding company HSBC Holdings PLC rose 14 1/2 to end the week at 319 1/2 .
Mexican President Ernesto Zedillo Friday asked Congress to lift rules barring foreigners from buying controlling interests in Mexico's three largest banks. This could pave the way for foreign investors to buy control of Grupo Financiero Serfin SA, of which HSBC already has a 19.9 percent stake.
This week, the Buffalo Bloomberg Stock Index underperformed the Nasdaq Composite Index. It outperformed the Standard & Poor's 500 Index and the Dow Jones Industrial Average.
For the week, the Standard & Poor's 500 Index fell 3.72, or 0.33 percent, to 1095.44 and the Dow Jones Industrial Average fell 110.35, or 1.2 percent, to 8796.08. The Nasdaq Composite Index rose 34.46, or 1.9 percent, to 1823.62.