Path: bloom-picayune.mit.edu!snorkelwacker.mit.edu!news.media.mit.edu!americast.com!americast.com!usa-post Newsgroups: usa-today.invest From: usa-post@AmeriCast.Com Organization: American Cybercasting Approved: usa-post@AmeriCast.com Subject: invest Tue, Jun 16 1992 Date: Tue, 16 Jun 92 05:20:20 EDT Message-ID: 06-16 0000 DECISIONLINE: Personal Investing USA TODAY Update June 16, 1992 Source: USA TODAY:Gannett National Information Network STOCK PRICES FINISH MIXED: With little economic data or other news to move the market, stock prices ended mixed Monday in slow trading. The Dow Jones average of 30 industrials rose 0.54 to 3354.90. Losing stocks beat winners 932 to 742 on the New York Stock Exchange, where volume was 164 million shares. Monday's volume was the lightest since 146.64 million shares changed hands on May 22. ANALYST SEES REASON FOR CONCERN: The stock market's recent listlessness is due to an absence of solid reason for investors to act in one direction or the other, said James Andrews, trader at Janney Montgomery Scott. But Stan Weinstein, editor of Professional Tape Reader, sees plenty of reason for concern. Weinstein says that from a technical standpoint, 65% of NYSE stocks look unhealthy. MCDONNELL DELAYS MD-12: Shares of McDonnell Douglas fell 1 1:2 to $38 1:4 Monday after the defense contractor and commercial-jet builder said it will delay its program to launch a new kind of passenger jet. With new orders for the jumbo MD-12 sagging, the company says it still harbors hopes that the double-decker jet will someday give it a financial boost. McDonnell shares are down nearly 50% this year. LUCK SMILES ON GLUCK: Caesars World Chairman Henry Gluck sold just in time when he unloaded 100,000 shares of his company two months ago. Since then, the stock has been plummeting. Tuesday, the stock added 1 3:8 to $28 3:8 on takeover rumors. But since Gluck sold for $38 3:16 a share in April, the stock is down 26%. His good timing saved him a small fortune: $1 million. STOCK SEEN HITTING $40 TO $45: Ceasars World's stock began its plunge May 5, when it warned that quarterly earnings would be down dramatically. It later reported that net income fell 27% from last year. Analysts explain away Ceasars' dismal third quarter as one in which gamblers simply got lucky. Analyst Steven Eisenberg of Oppenheimer is bullish on the stock, saying it could reach $40 to $45 the next 12 months. HEINZ REPORTS LOWER EARNINGS: H.J. Heinz Co. said Monday earnings fell nearly 7% to $145.7 million, or 56 cents a share, for the quarter ended April 29, on sales of $1.87 billion. That compared with earnings of $156.1 million, or 58 cents a share, on sales of $1.84 billion in the 1991 quarter. The food giant attributed the reduced earnings to restructurings and higher marketing expenses. MONSANTO DIVES: Shares of Monsanto skidded 5 to $54 Monday after the chemical company warned that second-quarter earnings will be 20% to 30% below analysts' estimates. PaineWebber and County NatWest reduced 1992 and 1993 earnings estimates for Monsanto and lowered ratings on the stock. FUNDS GAFFE TO HURT UTILICORP: UtiliCorp United shares slid 3 7:8 to $24 after the electric and gas utility said it will suffer a second-quarter loss because of a $7.4 million charge for misappropriation of funds at its Aquila unit. Utilicorp also said its earnings will be hurt for the rest of this year. RATES DOWN AT TREASURY AUCTION: The Treasury Department sold $11.7 billion in three-month bills at an average discount rate of 3.66%, down from 3.71% last week. Another $11.7 billion was sold in six-month bills at an average discount rate of 3.75% vs. 3.83% last week. GOLD UNCHANGED, SILVER UP: Gold prices were unchanged to marginally higher Monday, while silver was up slightly. On the Commodity Exchange, gold bullion for current delivery settled at $343.10 a troy ounce, up 20 cents. Republic National Bank said gold held steady at $342.50. Gold prices rose in London and Zurich. On the Comex, silver bullion for current delivery settled at $4.132 a troy ounce, up 1.1 cents. DOW JONES OPENS ON UPSWING: The Dow Jones average of 30 industrials opens Tuesday at 3354.90 after closing up 0.54 Monday. The New York Stock Exchange composite opens at 225.62, up 0.11. The American Stock Exchange market value opens at 388.78, down 2.54. The NASDAQ OTC composite opens at 569.01, down 0.51. DOLLAR OPENS MIXED OVERSEAS: The dollar opens mixed on Tuesday. It opens at 0.5404 British pounds, down from 0.5409; 5.3025 French francs, down from 5.3130; 1.5750 German marks, down from 1.5780; and 127.02 Japanese yen, up from 126.60. (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