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The Daily Dow LEXINGTON, Ky. (July 11): Despite the best efforts by Chevron to put on a one-stock show for the Foolish Four, it was a pretty lousy day overall.
The only news (beside the general market slump) was a Prudential Securities downgrade of Eastman Kodak. B. Alex Henderson lowered his rating on the stock from "hold" to "buy."
His reasons for the downgrade included weak film sales over the last three months, concern about paper products, his concern about whether Kodak can get a decent price for its copier business, and the company's exposure to negative currency translation versus European and Japanese currencies.
And finally, Henderson expressed concern that the stock has outperformed the S&P 500 by six percentage points so far in 1996. "I think it's fairly valued," he said. Well, not any more. The stock was whacked for 7% today. I guess Henderson doesn't buy into the theory that the Dow Approach stocks are supposed to double the S&P 500.
Let's sum up today's action in a word - yuck. 'Nuff said. Walk on, Fool.
Transmitted: 7/11/96
Today's Dow Numbers
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