Stocks reverse, Dow up 33.23 points

The Ticker

February 25, 1993|By Julius Westheimer

Abruptly reversing Tuesday's 20-point down-draft, the Dow Jones industrial average gained 33.23 points yesterday, closing at 3,356.50. The Dow now stands 86 points below its all-time high and 220 points above its 12-month low.

TAKE YOUR CHOICE: "Sharp, violent declines like recent plunges are almost always bull market shakeouts rather than the start of significant corrections." (Deemer Technical Research) . . . "When the Wall Street Journal reports the death of the concept that low dividends signal market danger, we can't be too far from a major correction." (Ins And Outs) . . . "Value stocks aren't finished by a long shot. Even after last year's gains, some are still at cheapest levels in years, such as Alberto Culver, Ogden and Textron." (David Dreman, Forbes, March 1) . . . "The Dow's early-February high reaffirms that the bull market is alive, but don't throw caution to the winds." (Ben Weberman, same Forbes)

FEBRUARY FINAL: "In a study of 100 new stock issues, the Babson Group found that 60 percent underperformed the market in the first half year following their offering." (Mutual Fund News Service) . . . "Our computer model has replaced Treasury notes with EE Savings Bonds in our conservative portfolio." (Value Forecaster) . . . "Our monetary model has again turned positive." (Zweig Forecast) . . . "Don't gamble. Buy some good stock. Hold it till it goes up, then sell it. If it doesn't go up, don't buy it." (Will Rogers) . . . Looking ahead, March is historically a strong Wall Street month, rising 1.1 percent on average over the past 42 years.

MARYLAND MEMOS: If your CD and T-bill yields disappoint you, call Gerald Scheinker (486-8010) for Legg Mason's latest 23-page "Income Buy List," including data on such stocks (percentage yields in parentheses) as PacifiCorp (7.7), General Public Utilities (6.0), Philadelphia Electric (5.1), Central and Southwest (5.3) United Illuminating (6.1) and others . . . Local stocks which reached 12-month highs early this week include BG&E and Bell Atlantic . . . Potomac Electric Power is listed under "Stocks For Superior Long-Term Total Return" in S&P Outlook, Feb. 17. Procter & Gamble, with several local facilities (Noxell in Hunt Valley and a manufacturing plant on Nicholson Street) is mentioned under "Core Stocks for Long-Term Capital Appreciation" in the same issue.

WORKPLACE WISDOM: Note to anyone who sells anything: "Man must sit in chair with mouth open for very long time before roast duck fly in." (Chinese proverb) . . . "Confront the hard tasks immediately; operate in 'short bursts' of time, often scheduling brief periods of concentrated work between meetings and appointments; sometimes work off other peoples' half-baked ideas, forging them into final form." ("The Organized Executive" by Stephanie Winston, $9.95) . . . I once heard that loose talk ruined more peoples' careers than any other single cause . . . In the stock brokerage firm I've worked for since 1961, the two salesmen to arrive earliest each morning have generally been the biggest commission producers . . . "Political finesse is an important part of your bag of job tricks. While skills in finance, marketing, production, etc., may get you hired, being able to handle the politics will help you get ahead." ("In Transition" by Mary Lindley Burton, $11)

MONTH-ENDERS: "The fastest-growing segment of the U.S. population is that portion over 100. Over the past 10 years the centenarian population doubled to nearly 36,000 people and may reach one million by 2050." (USA Today) . . . "Legalized gambling will be a major growth industry in the 1990s as state governments search for politically painless ways to increase revenues. Although gaming stocks have shot way up, there is more to come. Our favorites are Jackpot Enterprises, Hilton Hotels, WMS Industries and Mirage Resorts." (LaLoggia's Special Situation Report) . . . The latest Kiplinger Washington Letter (Feb. 19) feels there will be a second round of tax increases when health care reforms are proposed in late spring and that Congress will not automatically vote for President Clinton's proposals . . . "Anyone who thinks there's safety in numbers hasn't looked at the stock market pages." (Irene Peter) . . . "When anyone says 'It ain't the money but the principle of the thing,' it's the money." (Frank McKinney Hubbard) . . . "I'd like to live like a poor man with lots of money." (Pablo Picasso) . . . "To be a success in business, be daring, be first, be different." (Marchant) . . . "On CBS Radio the news of Edward R. Murrow's death, reportedly from lung cancer, was followed by a cigarette commercial." (Alexander Kendrick)

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