Moog, Cummins lead rise of Buffalo stock index
NEW YORK (Bloomberg)—Buffalo stocks climbed for the 12th time in 13 weeks, led by Moog Inc. and Cummins Inc.
The Bloomberg Buffalo Index increased 4.08, or 2.6 percent, to 160.87 as 34 stocks rose and 14 fell. The index, which dropped 40 percent last year, has risen 3 percent in 2009.
Moog, an industrial-equipment maker, this week increased $3.98, or 17 percent, to $27.88. Macquarie Capital USA analyst Karl Oehlschlaeger raised his target price to $29 from $28.
Cummins, the largest maker of heavy-duty diesel truck engines in North America, increased $3.81, or 12 percent, to $36.24. The shares have almost doubled since hitting a low this year on March 2.
The Bullfinch Fund’s Unrestricted Series fund rose 26 cents to $10.85. Its Greater Western New York Series fund rose 34 cents to $10.01.
HSBC Holdings PLC, Europe’s biggest bank, fell $3.36, or 7.4 percent, to $42.10. The company may have to pledge $10 billion to cover losses from U. S. subprime mortgages, according to analysts at CreditSights Inc.
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