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The Daily Dow LEXINGTON, Ky. (Apr. 25): The market giveth; the market taketh away!
Yesterday, I quietly celebrated the Foolish Four's victory over the market and the fact that the portfolio finally caught and surpassed the Blue Chip index. Today, the market sits back and laughs. If you remember your King Lear, it's reminiscent of the famous line: "As flies to wanton boys, are we to the gods; They kill us for their sport."
Down most of the day, the Blue Chips rallied for a modest gain in the afternoon. Not so the Foolish Four, with DuPont's drop the most compelling. After reporting mediocre results yesterday, DuPont was downgraded by both Smith Barney and Goldman Sachs. Smith Barney dropped DuPont to Neutral from Outperform and reduced 1996 earnings estimates from $6.61 to $6.31, and 1997 estimates from $7.25 to $6.95. Goldman Sachs lowered DuPont's rating from Moderate Outperform to Market Perform.
Kodak announced the first two products in a new family of premium motion picture films - the Kodak Vision 500T and 320T color negative films. The new products are designed to record much sharper images than previous films while holding a much tighter grain structure. Joerg D. Agin, president of Kodak's Professional Motion Imaging unit claims that these products "aren't incremental improvements. This is a new platform based on significant advances in the state of the art of silver halide technology. These improvements have been achieved without compromising film speed, or altering contrast, color rendition or any other imaging characteristics in our popular line of Eastman EXR color films."
When people think of 3M, they usually think first of Post-It Notes; then their minds begin to conjure images of hi-tech precision instruments. Well ... would you believe bandages? 3M announced today a new adhesive bandage, the 3M Comfort Strips Ultra Comfortable Bandage. 3M believes the new product offers four distinct advances over competitors' products: extra-stock adhesive that resists loosening, even when immersed in water; a variant hole pattern with larger holes around the bandage's pad area which allows greater breathability and promotes evaporation of moisture; a non-stick pad area of the bandage that won't stick to wounds; and an adhesive that forms a seal all the way around the pad, helping to protect the wound from dirt and contaminants. Hi-tech meets boo-boos.
Transmitted: 4/25/96
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THE FOOLISH FOUR (4/25/96) |
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