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The Daily Dow
LEXINGTON, Ky. (May 23): Today was a typical pre-holiday trading session, it seems. With no real news to stir up the antsy set on Wall Street, stocks waffled back and forth about as convincingly as a politician answering a question about a substantive issue.
The one bright spot among the Dow 30 today was Philip Morris. Big MO had been pushed down in recent weeks as doomsday litigation fears had investors wary of tobacco stocks in general. But today, two pieces of news boosted shares of the company higher by some 6%.
First, the (in)famous Castano case was de-certified by the courts today, reducing some of the potential negative implications for Philip Morris. And second, the announcement by Fidelity Investments that Jeffrey Vinik is resigning as manager of the $56 billion Magellan Fund had people scrambling to see what his replacement, Robert Stansky of Fidelity's Growth Company Fund, holds in his current portfolio. Lo and behold, Philip Morris is among Stansky's current top ten holdings (as of the last reporting date). Assuming that funds tend to reflect the manager's style rather than anything particular about the fund itself, Wall Street assumes that the stocks he likes in his previous fund will be favored in Magellan now as well.
As for the Foolish Four, the only news is that Chevron signed a definitive agreement with NGC Corp relating to January's merger announcement that will combine all of NGC with most of Chevron's Natural Gas Business Unit and Tulsa-based Warren Petroleum. The new company, to retain the NGC name, will be the largest natural gas and natural gas liquids marketer in North America. The merger is expected to close in the third quarter, NGC said.
Chevron will receive about 38.6 million new common shares and 7.8 million participating preferred shares, plus about $300 million in cash and notes. After the merger, Chevron and NGC's two current major shareholders, British Gas Plc and NOVA Corp, would each own 25 percent of the common stock in NGC.
This is my last write-up until Monday, June 3, Fools. I'm taking a vacation with my family to play some golf, "do" Busch Gardens, and visit the historic sites in and around Williamsburg, Virginia. I hope next week is a profitable and enjoyable one for you. If you have any questions about the Dow Approach or the Model Portfolio while I'm gone, please post them in the BTD folder (in the message board section called Let's Talk Investment Approaches), and MF Buck (Mike Buckley) has graciously offered to field them in my absence. Fool on!
Transmitted: 5/23/96
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