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The Daily Dow LEXINGTON, Ky. (May 10): A nice little run to finish up the week ... just what we like to raise spirits going into the weekend. Chevron was flat (the stock which acts essentially as two stocks in the Foolish Four portfolio since it is double-weighted). But each of the other three components of our Model were up a dollar a share or more today.
In general, the bond market liked what it saw from the inflation numbers released today and perked up, driving interest rates back down slightly, and that's usually good news for the stock market. Blue Chips showed a little life today as a result, recovering some of the recent losses we've seen for the Dow Jones Industrials.
Some company news ... Chevron announced that it's out of the real estate business at last. The final 17,000 acres of land for residential and commercial development in California held by the Chevron Land and Development Company have been sold to an affiliate of Morgan Stanley and a California general partnership. Back to the oil wells.
Foolish Four laggard 3M got a little boost today from Donaldson, Lufkin and Jenrette, which raised its rating on 3M to Outperform from Market Perform (kind of like a 'C' student making a 'B'). 3M pulls within a buck and an eighth of break-even for the Foolish Four portfolio with today's rise. It seems to have perked up of late, so maybe if we each go buy a few thousand cases of Post-It Notes over the weekend, we can push this thing back into the black.
DuPont's joint venture with Dow Chemicals, DuPont Dow Elastomers, is talking about doubling its Asian sales by 2001. "Success in the Asia-Pacific region will be an integral part of our new company's success," John R. Breitenstein, the regional president and managing director, told a press conference on Friday. The company forecasts Asian-Pacific sales will grow from 15% of its worldwide total to somewhere between 25% and 30% in the next five years.
Have a Foolish weekend!
Transmitted: 5/10/96
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