Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!usa-post Newsgroups: usa-today.invest From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: invest Tue, Apr 7 1992 Date: Tue, 7 Apr 92 05:44:02 EDT Message-ID: 04-07 0000 DECISIONLINE: Personal Investing USA TODAY Update April 7, 1992 Source: USA TODAY:Gannett National Information Network WAL-MART NAMES NEW CHAIRMAN: Wal-Mart Stores on Monday named S. Robson Walton the successor to its founder, Sam Walton, who died Sunday of cancer. Wal-Mart shares closed at $52 7:8, up 1 1:4. Walton, the son of Sam Walton, moved up to chairman of the board of Wal-Mart. In announcing the new chairman, a Wal-Mart statement made clear that the company will continue to be managed by David Glass, Wal-Mart's CEO since 1988. WAL-MART CALLED A BUY: Several analysts reiterated their recommendations of Wal-Mart, expressing confidence in the company's growth prospects. "We believe Sam put a great organization in place that will continue to do in the future what it has in the past," says Woody Whyte of Stephens in Little Rock. Bernard Sosnick of Oppenheimer & Co. recommended aggressive buying on any downturn in the stock. NYSE MEMBERS HAVE RECORD YEAR: Publicly traded member firms of the New York Stock Exchange earned a record $3.9 billion last year vs. a 1990 loss of $106 million, the NYSE said Monday. In the fourth quarter, the firms earned $1.2 billion vs. $128 million in 1990. The record results for the full year surpassed 1986's $3.6 billion. Revenue last year was a record $61.3 billion, up 13.4% from $54.1 billion in 1990. BONDS FUNDS FALL IN 1ST QUARTER: Thousands of investors would have been better sticking with bank certificates of deposit rather than switching to bond mutual funds in search of higher yields. The average government-securities fund -the most popular type of bond fund - fell 2% the first quarter, Lipper Analytical Services reported Monday. And that includes dividends, which the funds paid at a 12-month rate of 7.7%. OIL STOCKS GIVE MARKET A LIFT: Stocks rose Monday, lifted in part by surging oil stocks. The Dow Jones Industrial average rose 26.38 points to 3275.49. Other indexes also climbed. Advancers beat decliners 1,027 to 694 on the New York Stock Exchange. Traders and analysts say oil company stocks, lifted by higher crude oil prices and favorable comments from analysts, led the Dow and the broader market higher. OIL STOCKS POST GAINS: Higher crude oil prices are giving oil company stocks a lift. On Monday, Mobil climbed 2 1:2 to $62 5:8 and Texaco rose 2 to $61 after Kidder Peabody upgraded both stocks from buy to hold, saying both could hit $65 a share. Also, Exxon gained 1 7:8 to $57 3:4 after Kidder made positive statements. Unocal added 1 5:8 to $22 3:4 and Amerada Hess, up 2 7:8 to $42. MICROSOFT OPENS WINDOWS 3.1: Microsoft stock jumped 3 3:4 to $121 1:4 Monday as the software company officially unveiled the updated version of its popular Windows software. Chairman William Gates introduced the long-awaited Windows 3.1. Gates predicted that sales of applications for Windows would reach $3 billion by year's end, double the volume since Windows 3.0 was introduced in May 1990. CATERPILLAR STRIKE CONTINUES: Caterpillar stock fell 1:8 to $50 Monday as thousands of striking United Auto Workers defied a company ultimatum to return to work or risk losing their jobs. Workers were given a 7:30 a.m. deadline to return to work or face losing their jobs to permanent replacement workers. Nearly 400 workers crossed picket lines. The strike entered its sixth month Saturday. RATES FALL AT TREASURY AUCTION: Interest rates on short-term Treasury securities fell in Monday's auction to the lowest level in seven weeks. The Treasury Department sold $11.5 billion in three-month bills at an average discount rate of 3.95%, down from 4.08% last week. It also sold $11.5 billion in six-month bills at an average discount rate of 4.02% vs. 4.19% last week. GOLD DOWN, SILVER UP Gold prices declined in worldwide trading Monday, but silver was up. On the Commodity Exchange, gold bullion for current delivery settled at $340.40 a troy ounce, off 80 cents. Republic National Bank said gold fell 95 cents an ounce to a late bid $339.75. Silver bullion for current delivery settled at $4.099 a troy ounce on the Comex, up from $4.076. DOW JONES OPENS ON UPSWING: The Dow Jones average of 30 industrials opens Tuesday at 3275.49, after closing up 26.38 Monday. The New York Stock Exchange composite opens at 223.79, up 1.93. The American Stock Exchange market value opens at 391.57, up 2.35. The NASDAQ OTC composite opens at 596.29, up 6.28. DOLLAR OPENS MIXED OVERSEAS: The dollar opens mostly down on Tuesday. It opens at 0.5719 British pounds, down from 0.5726; 5.4948 French francs, down from 5.5350; 1.6240 German marks, unchanged; and 132.81 Japanese yen, down from 133.23. (As of 3 p.m. Monday. Source: First American Bank of New York.) 24-HOUR TELEPHONE INFORMATION: USA TODAY Money Hot Line. 95 cents a minute. 1-900-555-5555. Personal Investing Editor: William Snoddy. (1-919-855-3491) Making copies of USA TODAY Update (Copyright, 1992) for further distribution violates federal law. This article is copyright 1992 Gannett News Service. Redistribution to other sites is not permitted except by arrangement with American Cybercasting Corporation. For more information, send-email to usa@AmeriCast.COM