Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!americast.com!americast.com!americast-post
Newsgroups: americast.ibd
From: americast-post@AmeriCast.Com
Organization: American Cybercasting
Approved: americast-post@AmeriCast.com
Subject: NASDAQ Amex Market
Date: Mon, 16 Nov 92 12:56:07 EST
Message-ID: <3.1992Nov16.125608@AmeriCast.com>

11/16/92


TITLE NASDAQ Amex Market Rally Resumes But The Big Names Sit It
Out

After Eight-Day, 5% Rise, Nasdaq Draws Bead On Old High Lance Ig-
non The Nasdaq market resumed its ascent Friday, bolting higher
in the final hour after a morning of listless trading.  The Nas-
daq composite index gained 2.79 points, or 0.44%, to 637.16. The
index is now less than eight points from its all-time high of
644.22 set last Feb. 12 and has gained more than 32 points in
eight sessions.  But trading contracted 22% to 201 million shares
as advances topped declines 14-to-11. Still, the turnover again
surpassed that on the New York Stock Exchange, where 192 million
shares changed hands. Also, 122 stocks closed at new highs while
34 made new lows.  The listed exchanges continued to lag. The
NYSE composite index dipped 0.01%. The American Stock Exchange
market value index added 0.12% as winners led 3-to-2.  The Nasdaq
has been consistently outperforming the exchanges as investors
have jettisoned larger-capitalization and cyclical issues in
favor of smaller growth stocks.  The issues have gained favor
both because they were relatively cheap after being sold off ear-
lier this year and because of optimism over President-elect Bill
Clinton's promises of tax credits for smaller companies and
government spending on high-technology.  Notably, most of the
bigger-name growth stocks that have led the Nasdaq rally did not
participate in Friday's move. Cisco Communications Corp. lost 7/8
to 701/2, and Wellfleet Communications Inc. fell 7/8 to 585/8.
Both companies are part of the highflying computer networking
group.  Among the leading software names, Microsoft Corp. eased
1/4 to 931/4, but BMC Software Inc. added 3/4 to 671/2.

Likewise, U.S. Healthcare Inc., a bellwether among the health
maintenance organization stocks, slipped 3/4 to 451/4.  The
brightest spots instead came from two unrelated telecommunication
issues.  Tele- Communications Inc. Class A jumped 11/4 to 191/8
as 3.8 million shares traded, more than twice its average turn-
over.  The cable television operator posted third-quarter earn-
ings of 6 cents a share. That was 2 cents above the mean estimate
collected by Institutional Brokers Estimate System Inc. and con-
trasted with a loss of 7 cents a share a year ago.

Andrew Corp., a supplier of telecommunications equipment, perked
up 13/4 to 44. The company checked in with a fiscal fourth-
quarter profit of $1.22 a share - 34% better than a year ago and
well above the mean expectation of $1.09 a share collected by
IBES.  Andrew spurted 2 points last Tuesday. Analyst Joseph Bel-
lace of Merrill Lynch Capital Markets increased his estimate for
the year ending next September to between $3 and $3.10 a share,
up from a mean of $2.95. Andrew earned $2.67 a share for fiscal
1992.  Elsewhere, a proposed merger drove Brand Cos. up 25/8 to
201/2 in heavy trading of 1.4 million shares, 25 times average.
The asbestos abatement company is considering a merger with two
units of Waste Management Corp. -Wheelbrator Technologies Inc.
and Chemical Waste Management Technologies Inc. - to form Rust
International Inc.  Brand shareholders would have the option of a
one-for-one share swap with Rust International or $17.88 a share
in cash.  Although most restaurant stocks posted only fractional
changes after showing strength earlier in the week, Longhorn
Steaks Inc. added 13/4 to 231/4, moving out of a choppy nine-week
base. Based in Atlanta, the chain of moderately priced steak
eateries came public at $16 a share in April.

Even before it made its public debut, Longhorn had established a
powerful earnings record. The company has posted triple-digit
earnings gains in six out of the last seven quarters. The company
is expected to earn 60 cents a share this year, up 161% from
1991, and 85 cents a share in 1993.

Elsewhere, Arkansas Best Corp. motored up 11/8 to 151/8 in heavy
trading after the Fort Smith, Ark., trucking company repurchased
4.4 million shares owned by an affiliate. The company said it
would have about 18 million shares left outstanding after the
purchase.  Michael Foods Inc. leaped 13/4 to 117/8 after the
comapny prevailed in a patent suit regarding the processing of
its liquid egg product.

On the downside, Scimed Life Systems Inc. eased a point to 533/4.
Analyts said the fall may have been the result of promises to
gain market share made by officials of rival C.R. Bard Inc.
Meanwhile, Scimed announced a new catheter and its first coronary
catheter guide wire, dubbed Entre. Both products will be
highlighted at next weeks American Heart Association conference
in New Orleans, which analysts said could shake up several stocks
that deal with heart products.  Costar Corp., which makes dispos-
able plastic products, slumped 11/2 to 23 after the company said
its was owed $3.5 million from debtors in default.

Holson Burnes Group Inc., which came public in April at $14 a
share, was slammed for a loss of 51/2 points, or 45%, to 63/4.
The company, which claims to be the largest maker of photograph
albums in the U.S., said after Thursday's close that 1992 earn-
ings would be between 40 cents and 50 cents a share. The company
said analysts had been looking for between 90 cents and 95 cents.
Holson Burnes earned 21 cents a share in 1991.  Heekin Can Inc.,
up sharply two weeks ago, slipped 11/2 to 211/2. Merrill Lynch
Capital Markets, citing concern over the stock's price, lowered
its intermediate-term rating to neutral from above average and
its long-term outlook to above average from buy.  In Amex trad-
ing, Keane Inc., which designs distribution control systems,
surged 45/8 to 213/4. The Boston-based firm said it planned to
buy GE Consulting Services, which would nearly double its reve-
nues and expand its operation to the West Coast.  Sbarro Inc., up
27/8 Thursday on the strength of its third-quarter report, gained
another 11/2 to 341/8. Citing better cost controls, analysts at
Alex. Brown & Sons Inc. and Morgan Stanley & Co. upgraded their
recommendatins to buy from hold.

Paxar Corp. advanced 13/8 to 223/4. The maker bar-code labeling
systems said it will beging trading on the NYSE on Monday.

This article is copyright 1992 Investors Business Daily. Redis-
tribution to other sites is not permitted except by arrangement
with American Cybercasting Corporation.  For more information,
send-email to usa@AmeriCast.COM