Dow reverses upward trend

The Ticker gzB

September 26, 1991|By Julius Westheimer

Reversing Tuesday's bullish trend, the Dow Jones industrial average slipped eight points yesterday to close at 3,021.02, still ahead 388 points this year and 656 points from last October's 12-month low.

LOOKING AHEAD: "We're entering a new bull phase, perhaps with a pause, that could send the Dow right through its conventional 3,050-3,100 ceiling."(Eakle Report) . . . "By historic norms, the market is expensive. If the Dow goes below 2,950, it could signal an important decline under way." (Tony Henfrey Letter) . . . "We continue our cautious stance." (Inefficient Market Hypothesis) . . . "The stock market continues to be volatile, but with its uptrend still on track." (Prudent Speculator) . . . "As the bulls increase their fervor and conviction about higher stock prices, they're setting themselves up for a fall." (Market Mania Newsletter).

BALTIMORE BEAT: Alex. Brown, Legg Mason and PHH Corp. stocks appeared in the 12-month new high columns recently . . . BG&E and Potomac Electric Power are listed under "Well-Regarded Utility Stocks for Steady Income Stream" in S&P Outlook, Sept. l8 . . . (Ticker Notes: At midweek, both these utility stocks yield about 6.9 percent vs. money market yields now down around five percent. Also, if you had bought BG&E 10 years ago, you would have tripled your money and would now be receiving about 20 percent return on your 1981 investment.) . . . Black & Decker and Preston Corp. are listed under "20-Percent-Plus Estimated Earnings Gains, High Rankings" in same S&P Outlook . . . Highest local insured money market and CD yields in latest "100 Highest Yields" include Maryland National Bank, Custom Savings, Loyola Federal, Chevy Chase Savings and Eastern Savings.

MARYLAND MEMOS: Phone Rick Faby, Smith Barney, (494-1853) for "Emerging Growth Stocks." ("During last stock market cycle emerging growth stocks outperformed the S&P 500 index by a factor of six to one over a 5-year period.") . . . Black & Decker is written up at length in Business Week, Sept. 23. ("CEO Nolan Archibald recently won more flexible terms from the banks, freeing badly needed cash") . . . Legg Mason's recent comments on Giant Food Inc.: "Second quarter earnings below expectations on markdowns and lower margins." . . . Harry B. Gorfine & Co. (539-5474) will mail "20 Steps to Lower Taxes for 1991" and "Reading and Understanding Financial Statements, both professionally-prepared booklets with clear graphs and charts . . . "Nervousness in USF&G stock overdone; restructuring story remains on track." (Steven Gavios, Kidder, Peabody)

MONTH-ENDERS: Tomorrow night, "Wall Street Week with Louis Rukeyser," features ex-Salomon Bros. guru Henry Kaufman on "The Fascinating World Economy," with panelists Monte Gordon, Carter Randall, Harvey Eisen . . . When you buy a Sunday New York Times at New York's Plaza Hotel, the heavy paper is handed to you in a clear plastic shopping bag so you won't get ink all over your fingers . . . "All work and no play makes jack. With enough jack, Jack needn't be a dull boy." (Malcolm Forbes) . . . "If a newsletter makes extravagant claims for its performance, watch out. It is probably exaggerating and possibly lying." (Hulbert's Financial Digest) . . . "Long-term tax-free municipal bonds aren't what they once were, but for many investors they're the best game in town." (Ben Weberman, Forbes) .

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