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The Daily Dow LEXINGTON, Ky. (May 16): Well, I won't go so far as to say I told you so (I'm just Foolish enough to know that I'm not that smart), but 3M is starting to shine as I mentioned in this space earlier in the week. After being in the red for the Foolish Four virtually all year, 3M broke into profitable territory today, jumping 2.9% on no news. Is it time to reward those patient High Yield investors who've sat around with this one while it struggled in recent months? We'll see.
The doubled-up position in the 1996 Foolish Four model (Chevron) has been caught up in the recent trade sanction discussions regarding China. But a spokesman for the company suggested today that the struggle between the U.S. and China should have little or no impact on Chevron. "You're looking at an industry where China welcomes foreign participation so I don't think there will be (impact from) tit for tat retaliations," a Beijing-based spokesman for Chevron told Reuters in a telephone interview. "We're confident that in our industry, any impact will be minimal," he said.
As if for evidence to support this contention, Chevron Overseas Petroleum Ltd. signed a contract today with the China National Offshore Oil Corp to explore for oil and gas in the South China Sea.
In other Chevron news, officials are still working to contain the small oil spill in Pearl Harbor. On Tuesday, a pipe linking an oil refinery with the Waiau power plant developed a leak and spilled between 200 and 400 barrels of oil into Pearl Harbor. Chevron spokeswoman Bonnie Chaikind said that "the leak has been contained and stopped very quickly. We are taking full responsibility for the spill."
And finally, if you haven't already seen it, the Fools are on page 1 of Investor's Business Daily (Keyword:IBD for the online version) today in the first of a two-part series on the Foolish Four approach. Check it out and then join us in the BTD folder, where questions about Michael O'Higgins' comments have already started coming in.
The article (at least part one) is one of the most complete and accurate I've seen in the press yet about this approach. Glad to see the details portrayed accurately for a change. Fool on!
Transmitted: 5/16/96
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