Bermuda-based industrial conglomerate Tyco International Inc. saw the value of its shares continue to drop last week after Thursday's announcement that it had posted $1.9 billion in first quarter losses and that it would abandon its previously announced restructuring.

The company hit a new 52-week low on Friday when its shares fell to trading at $18.28. Shares closed for the week - the company is listed on the New York Stock Exchange - at $19.90 in marked contrast to its 52-week high of $60.09.

The restructuring, announced earlier in the year, would have separated the conglomerate in to four independent companies; Security and Electronics; Healthcare; Fire Protection and Control and Financial Services.

But Tyco CEO Dennis Kozlowski last week said that decision had been a mistake, although he had earlier predicted it would "lead to substantially greater total shareholder value by creating independent companies that will be more appropriately valued by the market".

In announcing the split, Tyco had also announced that it intended to sell off its plastic division, but that plan was also scrapped last week.

Last week, Mr. Kozlowski apologised to Tyco shareholders who have seen its market value halve since the plan was unveiled in January: "It was a mistake and I take responsibility for that mistake," he said.

Under its revised strategy, Tyco will sell its shareholding in its CIT financial services division through an initial public offering with hopes to raise more than $6 billion for use in repairing its balance sheet.

Meanwhile the Boston Globe reported that an analyst at rating agency Standard & Poor's had said: "It's time for Tyco to execute. They have to pick a strategy and go with it."

Mr. Kozlowski's apology to shareholders was also seen positively by some analysts as "refreshing candour".

And some analysts see the company's stock as a good pick.

Barry Bannister, an analyst with Legg Mason in Baltimore, said in a research note that Tyco was still a stock to buy.

But he added his firm has increased its risk rating of the company from average to above average.

"To quote Henry V via Shakespeare, `Once more into the breach, dear friends, once more,' " Bannister wrote.

Another Legg Mason analyst said: "Our contrary belief is that Tyco's problems, while real, are far more modest and manageable than the stock market currently suggests."