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BTD 10
As Of 04/08/96

International Paper
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General Motors
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Chevron Corp
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Minnesota Mining & Mfg
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General Electric
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Du Pont de Nemours & Co.
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Exxon
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J.P. Morgan
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Texaco
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Philip Morris
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***NOTE: FOOLISH FOUR STOCKS ARE ITALICISED

The Daily Dow
Monday, April 8, 1996
by Robert Sheard

LEXINGTON, Ky. (Apr. 8): Well, I'd say it's "deja vu all over again" but the speedy news staff stole that Yogi Berraism already today. So I'll just say OUCH and that we saw it coming, didn't we? You take a piece of seemingly good economic news (more people getting jobs) and you can expect the market to fall. Just like it did a month ago. And fall it did, dropping roughly 130 points today before recovering to only a 90-point loss. Keep it in perspective, though; percentage-wise, it's not that big a drop, not even among the top 100 drops in Dow history.

Now don't get me wrong; I'm not claiming to be the next gooroo who calls market movements. Predicting that the market would go down today is about like the Wall Street analysts who get credit for cutting their ratings on stocks after they announce bad earnings reports. If the company announces after the bell and the analyst does the obvious downgrade, he gets credit for calling the move on the previous day, meaning his performance rating is inflated when the stock opens the following morning much lower. Kind of like blaming Barry Switzer for going for fourth down and one AFTER the Cowboys blew the play. Real tough call.

Well, we had that same situation today with the bond market selling off dramatically Friday on the March employment report while the stock market was closed. Not too tough to predict that when stocks opened today, they'd drop. Oh well, that's MY big market prediction for the century. Where's my info-mercial?

On to stocks news. . .

Bahrain Petroleum Company, which is 40% held by Caltex (joint venture between Chevron and Texaco), announced that average crude throughputs at the country's oil refinery grew to a record 267,200 barrels per day in the first quarter of 1996. The long-term record run gives the company confidence that the operation will be highly reliable.

In more Chevron news, the joint venture between Chevron and Kazakhstan on the giant Tengiz oil field may double its output for 1996 to 6 million "tonnes" if it can get more pipeline space allotted.

Minnesota Mining saw its earnings estimates lowered by Salomon brothers this morning. The Salomon analyst kept the Buy rating but lowered 1996 earnings numbers from $3.85 to $3.68 per share and 1997 numbers from $4.40 to $4.23. The analyst's reason was less-than-expected savings from restructuring involved with spun-off businesses.

And for DuPont some acquisition news. Conoco, DuPont's energy subsidiary, announced that it has acquired a majority interest in Mock Resources Inc. The two companies also formed a partnership to market natural gas and electric power in the western U.S. (Mock Energy Services).

Today's Dow drop isn't a great way to start one's week, but long-term Dow investors aren't concerned with one-day movements. It's only been a month since we went through this same process. And it'll happen again. Stay focused on the long term, and now that spring is springing, focus on keeping your head down on those chip shots.

Transmitted: 4/8/96

The 30
Dow Stocks
Allied Signal
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Alcoa
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American Express
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AT&T
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Bethlehem Steel
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Boeing
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Caterpillar
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Chevron
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Coca-Cola
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Disney
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DuPont
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Eastman Kodak
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Exxon
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General Electric
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General Motors
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Goodyear
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IBM
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International Paper
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McDonald's
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Merck
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3M
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JP Morgan
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Philip Morris
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Proctor & Gamble
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Sears
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Texaco
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Union Carbide
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United Tech
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Westinghouse
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Woolworth
<% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE:Z)") else Response.Write("(NYSE:Z)") end if %>

Today's Dow Numbers
         THE FOOLISH FOUR (4/8/96)  



           Day    Week   Quarter Year  History

Fool-4   -1.47%  -1.47%  -0.06%  7.80%  7.80%

DJIA     -1.56%  -1.56%   0.13%  9.33%  9.33%

S&P 500  -1.77%  -1.77%  -0.20%  4.60%  4.60%

NASDAQ   -1.12%  -1.12%   0.39%  5.09%  5.09%





Rec'd    #   Security  In At   Now   Change



1/2/96  142  DuPont    69.88  83.38  19.32%

1/2/96  380  Chevron   52.38  56.63   8.11%

1/2/96  148  E. Kodak  67.00  69.25   3.36%

1/2/96  149  3M        66.38  64.50  -2.82%



Rec'd    #   Security     Cost       Value     Change



1/2/96  142  DuPont    $9,922.25  $11,839.25  $1,917.00      

1/2/96  380  Chevron  $19,902.50  $21,517.50  $1,615.00      

1/2/96  148  E. Kodak  $9,916.00  $10,249.00    $333.00     

1/2/96  149  3M        $9,889.88   $9,610.50   $(279.38)    



      CASH        $682.44       

      TOTAL    $53,898.69         







Transmitted: 4/8/96

      
      

      
      

       

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