zsteve/all," MERRILL MOVES.... Another negative reading from the
Merrill Lynch bear-o-meter!"
[See Merrill Lynch Is Bearish on America
(http://www.pathfinder.com/fortune/investor/1998/981012/str.html).]
Merrill's chief quant jock, Rich Bernstein, cut the
stock weighting in his model portfolio from a
none-too-aggressive 50% to a downright nasty 40%, and
raised his cash weighting from zero to 10%. His model
measures the asset allocations of 15 other Street
strategists, and it's flashing SELL to him. In
addition, this morning Mother Merrill downgraded Viacom
from a "long-term buy" to an "accumulate." Viacom fell
$6, to $56 3/4. Merrill also downgraded Gillette,
surprise, surprise. Oh, just to prove that it can say
something nice, Merrill upgraded Chase Manhattan, from
"short-term neutral" to "short-term accumulate." And
Merrill itself? Its stock fell another $ 9/16, to $50
3/8.<<
The above is an excerpt from Fortune's Street Life newsletter (free).
Time to go long? <vbG>
GM |
