Kevin, On MO rise June 12th (+ $ 1 1/2) dixit Interquote & The Wall Street Journal Europe (printed edition).
First I was out in London for 2 days and that explains my late response.
Second I know you are good at poping out numbers (even the odd ones)... However this time I have still the smoking gun, just out of my mail box.
For your information I use Interquote (on an original advice from Michael) and from this real time service information I read after the close that Philip Morris (MO) did rise $1 1/2, while ALD rose $1 1/4. Tonight your post prompted me to check on the last issue I received from The Wall Street Journal Europe dated June 13th, 1996. I will give you the full textual excerpt of the column "Abreast of the market", page 14, 4th column. Please note that this was written after I posted my comment on this thread.
"[...] Accordingly, investors haven't played the sector themes they often play - buying cyclical stocks if data show a growing economy, or defensive stocks if the economy's growth seems stymied.
Thus stocks that normally may move in tandem weren't in synch. For Example, Philip Morris added [$]1 1/2 to [$]104 1/8, but Procter & Gamble slipped [$]1/8 to [$]89 3/8. Similarly, Minnesota Mining & Manufacturing gained [$]1 1/8 to [$]69 3/8, while Coca-Cola fell [$]5/8 to[$]46 1/4."
This article "Abreast of the market" was written by Robert O'Brien and Margot Habiby (Dow Jones News Services).
So to close the point you made that Philip Morris (MO) "was only up 1/8", thus suggesting I was wrong stating that MO was the strongest (I meant on a $ gain scale since I have no tech buz to devise the point scale gain) of the Dow Jones Industrial Average on June 12th, 1996 I recommend you to phone directly to these people at Dow Jones News Services, and to officialy complain. Until I read in The Wall Street Journal a 'correction', I will consider I was right on this point.
I have still a further comment.
When I said Wednesday evening that 'the defensives were up', adding that this was an 'ugly sign' (along with the long bond rate up), I don't think I was totally off the mark... I just checked tonight that most of the Nasdaq stocks went down, and still today (Friday) MO is up $1 (2nd $ gain of the Dow after AT&T up $1 1/8).
All this further stress the need to get accurate numbers... and to still be able to read what's hapening behind the scene...
Post Scriptum.
I still believe that the Federal Reserve set a Target Rate (note the presence of the word 'Target') for the Federal Funds and that this Target Rate is always above the Discount Rate. I just wait the next move of the Fed to have the smoking gun...
Enjoy your Week-end,
Pascal. |
