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The Daily Dow LEXINGTON, Ky. (Apr. 19): This week closed on a rather blah note for the market, but overall, it's a week to remember for the Foolish Four. After trailing the Dow Jones Industrial Average for the first four months of the year, our group of high-yielding, low-priced picks finally caught and passed (if ever so slightly) the index it's supposed to out-perform. Of course, it could lose ground again, but let's look on the positive side and enjoy the weekend, shall we?
Most of this week's gains for the Foolish Four came on the back of Eastman Kodak's earnings surprise, so it seems only fitting that we have some "fun" with the film company. You say you want a new camera?
Step out onto the Internet at http://www.kodak.com, then click "What's Hot" and then "Serious Fun." Kodak's new area for the Fun Saver camera has some cool moving images, a tie to information on some athletes hoping to make the Olympic team, and chances for visitors to win the one-time-use cameras instantly.
In other Foolish Four news, Chevron signed an agreement Thursday with the Qatar state oil company to explore a large offshore tract off Qatar's peninsula. For those of you who missed Where In the World Is Carmen San Diego? Qatar's in the Middle East.
Have a Foolish weekend and here's to better weeks ahead for the Foolish Four!
Transmitted: 4/19/96 5:55 PM LEXINGTON, Ky. (Apr. 22): A mixed day for the Foolish Four as earnings season continues. Kodak, 3M, and DuPont posted modest gains while Chevron stayed flat after announcing first-quarter earnings.
Chevron posted $0.94 per share versus last year's first quarter earnings of $0.70. This is considerably ahead of Street estimates of $0.83, but investors didn't like the sound of CEO Ken Derr's comments about margins.
Even as crude oil prices rose nearly $4 a barrel in the last two months and another $3 a barrel in April, Chevron's refining margins were squeezed by a competitive American marketplace. Compared to last year's loss of $102 million for first quarter U.S. refining and marketing, Chevron earned $18 million in this quarter, but that still represents a weak return on capital of about 1%. Investors found little to smile about today as a result.
In brighter news for Chevron, the company announced a significant oil and gas discovery at Chinchaga, 125 miles northwest of Peace River in Alberta, Canada. Chevron made the discovery in January and March of 1995, but the discovery data is just now being released following a 12-month confidentiality period.
Next in the gate in the Earnings Derby will be DuPont, which should post this week. Last night, Conoco (DuPont's energy arm) reported a fire at its Lake Charles, Louisiana refinery. No one was hurt and Conoco's fire brigade was able to control the fire quickly, but damage estimates are still being calculated and it's unclear when Conoco will get the 51,000 barrel per day catalytic cracker back on line.
Transmitted: 4/22/96
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THE FOOLISH FOUR (4/22/96) |
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